The necessity and scope for political regulation of the economy has grown substantively since the 1990s due to the emergence of three general social and political trends (1) the increasing privatization in many countries of production and services previously provided and guaranteed by state; (2) the processes of transnational market integration, which have, on the one hand led to an increasing gap between the extent of the external effects generated by the markets and the potential for their political regulation, on the other; and (3) the in crease in the unforeseeable civilizational and environmental risks resulting from unregulated growth processes.