Since the 19605, privacy advocates have relied on regulatory and legislative approaches to privacy protection in the United States, Canada and Europe. While important progress has been made in certain areas, there are large gaps and significant loopholes in existing legislation. I argue that a market-based approach to privacy protection would be far more effective and efficient in protecting individual information than current approaches.
Laudon, Kenneth C., "MARKETS AND PRIVACY" (1993). ICIS 1993 Proceedings. 40.