Whether we want to buy a cell phone, rice or a bag of corn, baked cakes, a loaf of bread, whether we click our order, telephone the order, use the mail, or go to a retail store, the transactions, and indeed most economic transactions, are influenced by some form of market regulation. In market regulation, the word, "regulation," usually connotes some extra-market, even administrative, guidance of the market. We'll call this external regulation to distinguish it from regulation by competition. What is really regulation? The regulation refers to controlling human or societal behaviour by rules or restrictions. Regulation can take many forms: legal restrictions promulgated by a certain governing authority, social regulation like norms, and market regulation. One can consider regulation as actions of conduct imposing sanctions that may be sometime fines.

Alain Ndedi is a lecturer in entrepreneurship, Finance and strategy. As a development specialist and author of many books on NEPAD, Financial Markets Regulations and entrepreneurship, he has consulted for many international organisations both in Africa and overseas.

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