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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)

Academic Capture

“US Regulators Have Essentially Become Do-Nothing Institutions”

Asher Schechter
In an interview with ProMarket, Jonathan Tepper talks about the rise of America’s oligopoly problem, why he believes antimonopoly is not a left-right issue,...
Academic Capture

Mercenary Science: How Corporate Partnerships Can Corrupt Public Universities

Joshua Hunt
UC Berkeley’s disastrous partnerships with Novartis and BP are cautionary examples of all that could go wrong when public universities allow private interests to...
Antitrust and Competition

Subsidies to Amazon Are Uneconomical, Un-American, and Unconstitutional

Luigi Zingales
Corporate subsidies are a negative-sum game. They foster crony capitalism, hurt productivity growth and inflict great harm on product market competition. As soon as Amazon announced...
Regulatory Capture

Ten Years After the Financial Crisis: “We Are Safer, But Not As Safe As We Should and Could Be”

Thom Wetzer
Experts from academia and industry gathered at the University of Oxford to revisit what went wrong in the run-up to the 2008 financial crisis,...
Antitrust and Competition

“In the Wake of the 2008 Crisis, You Can't Ignore the Influence of Big Business on Economic Policy”

Asher Schechter
Historian and author Adam Tooze talks to ProMarket about how the financial crisis “remade” American capitalism, why the US response to the crisis was...
Regulatory Capture

Implicit Government Involvement In The Puerto Rican Debt Crisis

Bob Chirinko
Why were Puerto Rico's economic and financial troubles not reflected in its bond yields prior to its 2016 default? A Stigler Center working paper...
Money in Politics

Is Liberal Democracy Doomed? A Q&A With Yascha Mounk

Asher Schechter
Mounk, author of the recent book The People vs. Democracy: Why Our Freedom Is in Danger & How to Save It, talks to ProMarket about...
Regulatory Capture

Loose Policies Around Close Elections Highlight the Political Limits of Macroprudential Regulation

Karsten Müller
What can policymakers do to prevent future financial crises? An emerging consensus holds that so-called macroprudential regulation is key: policies that aim to mitigate...
Regulatory Capture

A Former Central Banker Tells Other Central Bankers: “Stay Away From Davos”

Asher Schechter
In an interview with ProMarket, former Bank of England deputy governor Sir Paul Tucker explains why the “unelected power” of central bankers threatens our...
Regulatory Capture

Livestreaming Polluters to Enforce Environmental Policy: Evidence from a Natural Experiment in Pittsburgh

Nicholas Z. Muller
Enforcing environmental regulations is controversial and can be costly. But researchers at UCLA and Carnegie Mellon have proposed a low-cost alternative for enforcement—disclosing emissions...
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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.