What makes deterrence credible?
According to current orthodoxy deterrence is credible when it is visible and visibility calls for enforcement action that is harsh enough to be taken seriously so that it makes an impact on the behaviour of the industry. In this chapter, I argue that the focus on enforcement is misplaced because, when it comes to the question of ‘credibility’, at best it tells half the story. The credibility of deterrence is contingent to a multitude of factors. In this chapter, I consider three of them all of which are closely inter-related: The regulator’s capacity to attain a congruence of ‘minds’ and a congruence of ‘hearts’ and the regulator’s ability to harness its profile as a credible enforcer.
- College Publications