Others advanced a more market-based conception of pluralist democracy, which was manifest in governmental policy within the late 1970s and1980s, both in the UK and the United States,(Craig, 1990: Ch. 34; Stewart, 1975). The market was viewed as the best ‘arbitrator’ of economic issues, and direct governmental regulation thereof was perceived as necessary only when there was market failure, the existence of which was narrowly defined. The sphere of legitimate governmental action was therefore closely circumscribed. The very fulfilment of the free market vision required, however, a strong central government. Different conclusions were drawn as to the bodies that should be run by the state. Deregulation and privatization were the consequences of this approach. Even where some continuing regulation of a privatized industry was required, the aim of the regulation was colored by the market-oriented vision. The purpose was often to prevent an industry with monopolistic power from abusing its dominant position.