The resulting system: an hybrid system of markets and regulation In regulatory states", regulatory systems are complex systems, often involving independent regulatory agencies However, regulatory systems have been criticized for being no more efficient and effective than the publicly owned enterprises that preceded them8 The resulting system: an hybrid system of markets and regulation • In “regulatory states”, regulatory systems are complex systems, often involving independent regulatory agencies • However, regulatory systems have been criticized, for being no more efficient and effective than the publicly owned enterprises that preceded them