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Chapter 8

Chapter 8

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Published by Steve Council

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Published by: Steve Council on Nov 29, 2011
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CHAPTER 8
by Douglas M. Walker
REGULATORY REFORM PRINCIPLES FOR SOUTH CAROLINA
 
 NLEASHING
 APITALISM 
 
 
 
8
EGULATORY
EFORM
P
RINCIPLES
 
FOR 
S
OUTH
C
AROLINA
 
 Douglas M. Walker 
 
Many citizens are unaware of the extent to which the federal and state government intervenesin our daily lives. Indeed, government affects almost everything we do, either directly or indirectly. Government taxes almost all monetary transactions, it licenses workers in a widevariety of industries, it regulates technical aspects of many types of consumer products, andgovernment even controls individuals’ behavior on private property. Seldom do votersconsider the aggregate monetary and non-monetary costs of government regulation. Voterscan be pardoned; however, since if they made an effort at comprehensive awareness of government regulation, they would have time for little else. Even if they did have a vastknowledge of the regulatory environment, there is little they could do to change it.South Carolina is one of the poorest states in the nation. The state’s failure to keep pace with other states is due to many causes, but the size and scope of government in theeconomy is a primary cause. The other chapters in this book illustrate this fact. One aspect of the state government that needs comprehensive reform is the regulatory environment. Thischapter describes some general principles and examples for regulatory reform which would promote a free market, economic growth, and individual freedom in South Carolina.
1
 South Carolina does rank well in some general surveys, such as Forbes’ ‘America’sBest States to Live.’ South Carolina ranks 26
th
. Some more specific examples of businessenvironment rankings are discussed in Chapter 2. For example, South Carolina does rather well in the Small Business & Entrepreneurship Council’s rankings.
2
In the 2009 business taxindex, South Carolina ranks 11
th
in the country, meaning the state has the 11
th
best businesstax system in the United States. South Carolina ranked 7
th
in the 2009 Small BusinessSurvival Index.South Carolina ranks particularly well in ‘regulatory environment’ for business – getting Forbes’ 3
rd
rank of all 50 states for 2008. Yet the state ranks 29
th
overall in the ‘BestStates for Business’ (Badenhausen 2008), falling 6 spots in the ranking since the previousyear. Both of South Carolina’s neighbors score better, with North Carolina ranked 3
rd
and
1
The approach of this chapter follows closely that of Corey and Curott’s (2007) examination of regulatoryreform in West Virginia.
2
Source: Small Business & Entrepreneurship Council (http://www.sbecouncil.org/).
 
Many citizens are unaware of the extent to which the federal and stategovernment intervenes in our daily lives. Indeed, government affects almost everythingwe do, either directly or indirectly. Government taxes almost all monetary transactions, itlicenses workers in a wide variety of industries, it regulates technical aspects of manytypes of consumer products, and government even controls individuals’ behavior on private property. Seldom do voters consider the aggregate monetary and non-monetarycosts of government regulation. Voters can be pardoned; however, since if they made aneffort at comprehensive awareness of government regulation, they would have time for little else. Even if they did have a vast knowledge of the regulatory environment, there islittle they could do to change it.South Carolina is one of the poorest states in the nation. The state’s failure to keep pace with other states is due to many causes, but the size and scope of government in theeconomy is a primary cause. The other chapters in this book illustrate this fact. Oneaspect of the state government that needs comprehensive reform is the regulatoryenvironment. This chapter describes some general principles and examples for regulatoryreform which would promote a free market, economic growth, and individual freedom inSouth Carolina.
1
 South Carolina does rank well in some general surveys, such as Forbes’‘America’s Best States to Live.’ South Carolina ranks 26
th
. Some more specific examplesof business environment rankings are discussed in Chapter 2. For example, SouthCarolina does rather well in the Small Business & Entrepreneurship Council’s rankings.
2
 In the 2009 business tax index, South Carolina ranks 11
th
in the country, meaning thestate has the 11
th
best business tax system in the United States. South Carolina ranked 7
th
 in the 2009 Small Business Survival Index.South Carolina ranks particularly well in ‘regulatory environment’ for business – getting Forbes’ 3
rd
rank of all 50 states for 2008. Yet the state ranks 29
th
overall in the‘Best States for Business’ (Badenhausen 2008), falling 6 spots in the ranking since the previous year. Both of South Carolina’s neighbors score better, with North Carolinaranked 3
rd
and

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