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Regulatory Capture

When regulation protects narrow interests – usually the interests of the incumbent industry – at the expense of the public interest. Capture occurs in various ways: from straightforward bribes and threats, to more implicit quid pro quos such as the lucrative future employment (revolving door), to softer forms of cognitive/cultural capture.
“… as a rule, regulation is acquired by the industry and is designed and operated primarily for its benefit.” George Stigler – The Theory of Economic Regulation (1971)

Antitrust and Competition

The Anticompetitive Effects of Current Capital Regulation

Matteo Benetton
Some features of the capital regulation that was designed to increase the safety of the financial system may have unintended consequences on the competitive...
Antitrust and Competition

Regulators Should Not Change the Regulatory Environment to Include Labor Market Concentration

Ben Lipsius
Research has shown that labor markets with higher levels of labor market concentration have lower wages. It does not necessarily follow that regulators should...
Media

“Emmanuel Macron Is Not a Liberal, He Just Pretends to Be”

Guy Rolnik
The French president found himself under fire following an attempted police raid on the offices of the investigative news site Mediapart. While many around...
Antitrust and Competition

When the Interests of Monopolists and Authoritarians Coalesce

Raghuram Rajan
It is when the behemoth of monopoly enterprise consorts with the leviathan of the authoritarian state that both are likely to achieve permanence, writes...
Media

The News Media’s Business Model of Extortion

Guy Rolnik
The Jeff Bezos vs. The National Enquirer scandal highlights the role that extortion may play in the business model of some news outlets.  Jeff Bezos’s...
Money in Politics

Public Trust in Government Falls as Government Shutdown Continues

Linda Wu
Amid the longest government shutdown in US history, and with no light at the end of the tunnel, the latest Financial Trust Index (FTI)...
Antitrust and Competition

Facebook, Extreme Inequality, and Globalization: ProMarket’s Top Stories of 2018

ProMarket writers
As 2018 draws to a close, we look back at ProMarket’s most-read and most-widely shared stories of the past year.     The early mentor to Mark...
Antitrust and Competition

The Solution to the Auditing Industry’s Oligopoly Problem? More Competition

Karthik Ramanna
The UK’s reviews of the Big Four auditing firms have largely adopted an approach of more regulation and government oversight. This approach is not...
ESG, Corporate Governance & Future of the Firm

“Short Sellers Don't Exist to Fix the Problems. They Exist to Shed Light on the Problems”

Guy Rolnik
In an interview with ProMarket, Fahmi Quadir, the short seller whose bet against Valeant in 2015 helped expose the company's misdeeds, talks about short...
Antitrust and Competition

One Year After the Net Neutrality Repeal: the FCC Has Abdicated Its Role Protecting Consumers and Competition

Gigi Sohn
Every promise made by broadband providers and every reason cited by the FCC in its decision to eliminate the net neutrality rules has proven...
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The publication of the Stigler Center at The University of Chicago Booth School of Business

ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.