International Journal of Regulation and Governance
1(1) June 2001

Foreword
R K Pachauri

I am extremely happy that my colleagues, with the initiative and leadership of Dr Leena Srivastava, have launched this new journal, which will obviously fill up an important gap in the literature dealing with independent regulation and its practice. It is not that knowledge in this subject has not been built up intensively over the years in many parts of the world, but new thinking and directions in this field are evolving rapidly. This is as true in the case of developing countries, which are grappling with the establishment of new structures and systems for independent regulation of the infrastructure sectors, as it is in the case, for instance, in countries like the US. In the US, which has clearly contributed more to the understanding of regulatory economics and institutions than, perhaps, any other nation in the world, deep soul-searching and analysis is now in hand resulting from the California experience. Not only are the limits of market solutions being questioned, but questions of jurisdiction between federal regulatory bodies and units at the state level are being examined in depth.

This inaugural issue of the journal is a rich blend of experiences from different parts of the world and perspectives, which will provide a comprehensive view of developments worldwide. The journal has developed a personality with this very first issue, which will certainly get enriched over time as expectedly not only will papers of academic rigour and in-depth research get published, but also as the perspectives of decision-makers find adequate representation and reflection. Such an effort will require not only an enlightened editorial policy but considerable outreach and solicitation for appropriate contributions from the right quarters. I have no doubt that this will be the case, and that this journal will soon establish a strong and visible niche for itself in the literature dealing with the important subject of regulation.

Indeed, it was only after a vacuum was noticed that this journal was given tentative contours to fill the gap. But as is the case with such publications, this one too will gradually evolve in keeping with the priorities that those working in the field progressively define. And, in turn, these priorities will emerge from the problems and challenges thrown up in the course of efforts made in the implementation of reforms in the field of regulation and the interface that links regulatory bodies with governments, consumers, and society at large. In the case of developing countries, this interface will vary substantially from the milieu that has emerged in different parts of the developed world. The effectiveness and direction of regulatory practice will depend greatly on how regulatory structures relate to the political structure in a particular society. Hence, what we see before us in the agenda to be addressed by this journal is a complex web of subjects and disciplines, which ultimately go to the heart of efficiency and equity in the provision of services by infrastructure in an economic system. I have no doubt that the International Journal of Regulation and Governance will not only be able to effectively define the agenda set before it but address it in full measure and at a high level of excellence.

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