This book is a collection of papers from the Beesley Lecture series on regulation held jointly by The IEA and the London Business School in the autumn of 2001. The chapters in this volume are revised versions of the papers given in the series and they are, as usual, followed by comments made by the chairman; the chairman in most cases being the regulator. Since the early days of the Lectures on Regulation in the early 1990s, a great deal of experience has accumulated of how and how not to design and operate regulatory systems. This growing experience is reflected in the increasing detail and sophistication of the papers given in this series.