Deflated Dreams: The EPA's Bubble Policy and the Politics of Uncertainty in Regulatory Reform

Charles Halvorson

Business History Review, 2019, vol. 93, issue 1, 25-49

Abstract: In the late 1970s, the Environmental Protection Agency (EPA) unveiled the bubble policy as a central part of Jimmy Carter's plan to reform environmental regulations that many believed had grown too proscriptive and too costly for American industry. Since the EPA's formation, regulators had dictated method and means for reducing air pollution. The bubble returned the prerogative to business. But despite bipartisan support, the bubble never took off. Drawing on EPA records and interviews, this article shows how skeptical regulators intentionally made the bubble unwieldy, driving away businesses wary of uncertainty. Though Ronald Reagan's election seemed to lift the bubble's fortunes, his undiscerning assault on the administrative state ironically deflated the EPA's development of a viable alternative to the proscriptive model.

Date: 2019
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