In the industrial progression of national economies, the early periods of raw industrial growth were followed by the imposition of regulatory regimes designed to mitigate the human costs of industrial development. Markets may be efficient for exchanging goods, but they are not effective in representing the controls on excess that modern industrial human populations historically have come to demand from the economic schemes within their societies. The replication of these economic excesses at the global level is producing similar movements toward global governance (regulation). In a world still governed by the sovereignty of nation states, however, achieving the required and effective regulation is a daunting challenge.