A few weeks later, the ‘Bloody Christmas’ clashes signalled the end of the Regency under the guns of the Italian navy and army, sent by the last Giolitti government.
The other view, often labelled the private interest view, accepts the presence of market failures, but conceives regulation as a product whose outcome is determined by the interplay between suppliers and demanders.2 What this means is that different interest groups compete to  1  A Pigou (1938). The Economics of Welfare, 4th Ed (London: Macmillan). 2  G. Stigler (1971).