The BP gulf oil spill: Failed regulatory and corporate governance systems analysed through a regulatory capitalist lens

Patty McNicholas, Carolyn Windsor

Research output: Chapter in Book/Report/Conference proceedingConference contributionResearchpeer-review

Abstract

This paper critically examines the systemic flaws in the US oil and gas regulation, and BP’s corporate governance that we argue predisposed the BP oil spill in the Gulf of Mexico’s Outer Continental Shelf. This spill resulted in possibly the worst environmental disaster in United States (US) history overseen by the compromised US Minerals Management Service (MMS), which was restructured by the Reagan Administration during 1980’s. Regulatory capitalism is a neo-liberal development based on the ideology of reducing reliance on state regulation for expected efficiencies through fundamentalist ‘free-market’ capitalist mechanisms, such as competition, unfettered markets, minimal taxes and little government intervention to grease the wheels of industry. Regulatory capitalism is ostensibly from the government, in this instance the Reagan Administration, which gave the MMS a conflicting and ultimately disastrous mandate to regulate and collect revenue from offshore oil leases. BP and other oil companies have flourished under regulatory capitalism, where self-regulated corporate governance mechanisms have been allowed to control nature’s destiny.
Original languageEnglish
Title of host publicationProceedings of the 2011 AFAANZ Conference
Place of PublicationMelbourne
PublisherAccounting and Finance Association of Australia and New Zealand
Pages1-32
Number of pages32
Publication statusPublished - 2011
EventAccounting and Finance Association of Australia and New Zealand (AFAANZ) conference - Darwin, Darwin, Australia
Duration: 3 Jul 20115 Jul 2011
http://www.afaanz.org/conferences

Conference

ConferenceAccounting and Finance Association of Australia and New Zealand (AFAANZ) conference
Abbreviated titleAFAANZ 2011
CountryAustralia
CityDarwin
Period3/07/115/07/11
Internet address

Fingerprint

corporate governance
capitalist society
regulation
market
management
taxes
disaster
revenue
ideology
Mexico
efficiency
industry
history

Cite this

McNicholas, P., & Windsor, C. (2011). The BP gulf oil spill: Failed regulatory and corporate governance systems analysed through a regulatory capitalist lens. In Proceedings of the 2011 AFAANZ Conference (pp. 1-32). Melbourne: Accounting and Finance Association of Australia and New Zealand.
McNicholas, Patty ; Windsor, Carolyn. / The BP gulf oil spill : Failed regulatory and corporate governance systems analysed through a regulatory capitalist lens. Proceedings of the 2011 AFAANZ Conference. Melbourne : Accounting and Finance Association of Australia and New Zealand, 2011. pp. 1-32
@inproceedings{84d54e62d46b4d79a4f622d2807355a4,
title = "The BP gulf oil spill: Failed regulatory and corporate governance systems analysed through a regulatory capitalist lens",
abstract = "This paper critically examines the systemic flaws in the US oil and gas regulation, and BP’s corporate governance that we argue predisposed the BP oil spill in the Gulf of Mexico’s Outer Continental Shelf. This spill resulted in possibly the worst environmental disaster in United States (US) history overseen by the compromised US Minerals Management Service (MMS), which was restructured by the Reagan Administration during 1980’s. Regulatory capitalism is a neo-liberal development based on the ideology of reducing reliance on state regulation for expected efficiencies through fundamentalist ‘free-market’ capitalist mechanisms, such as competition, unfettered markets, minimal taxes and little government intervention to grease the wheels of industry. Regulatory capitalism is ostensibly from the government, in this instance the Reagan Administration, which gave the MMS a conflicting and ultimately disastrous mandate to regulate and collect revenue from offshore oil leases. BP and other oil companies have flourished under regulatory capitalism, where self-regulated corporate governance mechanisms have been allowed to control nature’s destiny.",
author = "Patty McNicholas and Carolyn Windsor",
year = "2011",
language = "English",
pages = "1--32",
booktitle = "Proceedings of the 2011 AFAANZ Conference",
publisher = "Accounting and Finance Association of Australia and New Zealand",

}

McNicholas, P & Windsor, C 2011, The BP gulf oil spill: Failed regulatory and corporate governance systems analysed through a regulatory capitalist lens. in Proceedings of the 2011 AFAANZ Conference. Accounting and Finance Association of Australia and New Zealand, Melbourne, pp. 1-32, Accounting and Finance Association of Australia and New Zealand (AFAANZ) conference, Darwin, Australia, 3/07/11.

The BP gulf oil spill : Failed regulatory and corporate governance systems analysed through a regulatory capitalist lens. / McNicholas, Patty; Windsor, Carolyn.

Proceedings of the 2011 AFAANZ Conference. Melbourne : Accounting and Finance Association of Australia and New Zealand, 2011. p. 1-32.

Research output: Chapter in Book/Report/Conference proceedingConference contributionResearchpeer-review

TY - GEN

T1 - The BP gulf oil spill

T2 - Failed regulatory and corporate governance systems analysed through a regulatory capitalist lens

AU - McNicholas, Patty

AU - Windsor, Carolyn

PY - 2011

Y1 - 2011

N2 - This paper critically examines the systemic flaws in the US oil and gas regulation, and BP’s corporate governance that we argue predisposed the BP oil spill in the Gulf of Mexico’s Outer Continental Shelf. This spill resulted in possibly the worst environmental disaster in United States (US) history overseen by the compromised US Minerals Management Service (MMS), which was restructured by the Reagan Administration during 1980’s. Regulatory capitalism is a neo-liberal development based on the ideology of reducing reliance on state regulation for expected efficiencies through fundamentalist ‘free-market’ capitalist mechanisms, such as competition, unfettered markets, minimal taxes and little government intervention to grease the wheels of industry. Regulatory capitalism is ostensibly from the government, in this instance the Reagan Administration, which gave the MMS a conflicting and ultimately disastrous mandate to regulate and collect revenue from offshore oil leases. BP and other oil companies have flourished under regulatory capitalism, where self-regulated corporate governance mechanisms have been allowed to control nature’s destiny.

AB - This paper critically examines the systemic flaws in the US oil and gas regulation, and BP’s corporate governance that we argue predisposed the BP oil spill in the Gulf of Mexico’s Outer Continental Shelf. This spill resulted in possibly the worst environmental disaster in United States (US) history overseen by the compromised US Minerals Management Service (MMS), which was restructured by the Reagan Administration during 1980’s. Regulatory capitalism is a neo-liberal development based on the ideology of reducing reliance on state regulation for expected efficiencies through fundamentalist ‘free-market’ capitalist mechanisms, such as competition, unfettered markets, minimal taxes and little government intervention to grease the wheels of industry. Regulatory capitalism is ostensibly from the government, in this instance the Reagan Administration, which gave the MMS a conflicting and ultimately disastrous mandate to regulate and collect revenue from offshore oil leases. BP and other oil companies have flourished under regulatory capitalism, where self-regulated corporate governance mechanisms have been allowed to control nature’s destiny.

M3 - Conference contribution

SP - 1

EP - 32

BT - Proceedings of the 2011 AFAANZ Conference

PB - Accounting and Finance Association of Australia and New Zealand

CY - Melbourne

ER -

McNicholas P, Windsor C. The BP gulf oil spill: Failed regulatory and corporate governance systems analysed through a regulatory capitalist lens. In Proceedings of the 2011 AFAANZ Conference. Melbourne: Accounting and Finance Association of Australia and New Zealand. 2011. p. 1-32