The invisible hand. Regulation by the courts and independent authorities in the United States

Summary: A historical examination is made of how the executive, legislative and judicial branches of the US government have dealt with the overwhelmingly complicated process of regulating public utilities. It points out that the specialized entities mandated by Congress to control these industries must strike a balance between conflicting interests. These so-called independent agencies have to achieve a workable compromise between the protection of the industry and of the users under some often very vague criteria (public interest, fairness, reasonableness). The process of regulation as a whole is here seen as a bi-polar system of state intervention ensured by the independent authority (commissions) /judicial pair. This dual system is complex, constraining and all-embracing, even if it evolves towards more pragmatic approaches.