This part of the article describes events leading to the creation of the Consumer Product Safety Commission - and the on-going debate between those who believe safety regulation is necessary and those who believe that market forces can achieve acceptable levels of Risk. The author also sets the stage for a detailed examination of bicycle Risk. In the next issue, he compares the accomplishments of the CPSC's bicycle standard with, e.g., the development and use of hard-shell bicycle helmets. Moreover, he discusses the role of tort liability in managing Risk and ultimately concludes that, in the case of bicycle safety, regulation has failed to be as effective as market forces and tort litigation in reducing injuries.
Ross D. Petty, Regulation vs. the Market: The Case of Bicycle Safety (Part I) , 2 RISK 77 (1991).