Regulatory Law: increasingly important, as the markets have been lib eralized The state has diminished its reliance upon publicly owned assets for the delivery of public service and has tried to use privately owned companies to provide equivalent services to the public However, the state has left a vast body of economic and social regulation firmly in place4 Regulatory Law: increasingly important, as the markets have been liberalized The state ➢ has diminished its reliance upon publicly owned assets for the delivery of public service ➢ and has tried to use privately owned companies to provide equivalentservices to the public However, the state has left a vast body of economic and social regulation firmly in place