Introduction

This chapter provides an introduction to the collection of essays in this volume, dealing with various aspects of the legal and regulatory challenges faced by the contemporary world. In addition to the rapid globalization over the last several decades, the recent changes in the form of advances in digital technology, online platforms and big data, growing polarization in societies, and rise in vulnerabilities to health and politico-economic shocks have thrown several challenges. Technological advances have transformed the way markets and economy function. There is an emerging need to draft laws and regulations to make sure that our economy, society, and polity remain on an even keel. Besides these new issues of property rights over data and private information of individuals, this chapter draws attention to many of the existing tensions between private and public domains which are common to problems such as corruption, rent-seeking, and nepotism. The study of such deviant behavior requires a re-examination of the classical approaches to the law and economics of enforcement, to include psychological, moral, and political considerations in designing a more effective system.