The Institutional Drift Behind 'Self-Regulating' Markets — When Delegation Masks Accountability Gaps

‘自我调节’市场的制度性漂移——当权力下放掩盖了问责缺口

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Markets labeled 'self-regulating' rarely operate without embedded institutional scaffolding, often invisible to participants.
Regulatory delegation to industry bodies frequently reduces transparency while preserving formal compliance appearances.

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