3 Chi J Intl L 369
Frederick Tung

Though harmonization and competition tend to be viewed as being at opposite ends of the spectrum, this is not necessarily the case in every circumstance. Based on the notion that harmonization is necessary for competition on choice of law issues, the article explores regulatory competition in corporate, securities, and bankruptcy law. It begins by categorizing regulatory competition into two forms: private choice and reciprocity. The article carefully distinguishes between the attributes, impediments, and politics of the two forms to demonstrate why the latter is more likely to emerge. It concludes that, in theory, private choice may better promote competition between regulators, but is not politically viable. It concludes that reciprocity is more likely to be favored by national regulatory regimes because it potentially offers greater international cooperation, even though such cooperation stands to be obscured by private interests.