[dragonwriter]

> The well accepted meaning of economic regulation is the use of regulation to compensate for market failures or centrally-planning economies (such as controlling money supply, subsidies, tax-breaks, import/export tariffs etc).

No, that's not the "well accepted definition of economic regulation". Those are two well-known, opposing philosophies of economy regulation.

But, even so, pretty central to both styles is how property rights are defined and enforced, which tends to be radically different between the "compensate for market failures" approach and the "centrally-planning economies" approach, illustrating, again, that you cannot divide "economic regulation" from "defining and enforcing property rights", even when you limit "economic regulation" to being either "compensate for market failures" or "centrally-planning economies".