Moreover, the economy itself was in good shape. Fifteen years of reform (on tariffs, privatisation, labour market, competition and policy framework) had produced productivity growth during the nine-year expansion of the 1990s better, even, than the much-vaunted US performance.
The one is systemic: the legal paradigms of modern society protect individual rights, privacy, and autonomy. The other is practical: it is dramatically time-consuming to observe and analyse behaviour for noncompliance with codes. This also has the potential to create inordinate distrust, and this should not be overlooked by regulatory authorities.