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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)

Income Inequality

American Oligarch: Michael Bloomberg Reveals His One Remaining Path to the Democratic Nomination

Asher Schechter
Michael Bloomberg's only real path to the nomination was always a contested convention, where he could be able to further leverage his wealth and...
Antitrust and Competition

How Regulators and PwC Fooled Reporters—Again

Francine McKenna
Is the PCAOB really investigating PricewaterhouseCoopers (PwC) for its role in the Mattel auditing mess? I may be wrong, but I seriously doubt it....
ESG, Corporate Governance & Future of the Firm

The SEC’s Shareholder Voting Reform Runs Counter to Attempts at Democratizing Corporate America

Ciara Torres-Spelliscy
The SEC should drop its proposed changes or modify them so that they are less onerous and less damaging to the rights of shareholders...
Academic Capture

The Most Persistent of All Zombie Ideas: That Taxing the Wealthy Is Destructive to the Economy

Paul Krugman
Economics can’t tell you what values to have. It can, however, shed light on what to expect from policy that reflects any particular set...
Antitrust and Competition

The Trump Administration Attacks the Stigler Report on Digital Platforms

Luigi Zingales
President Trump’s 2020 Economic Report finally confronts the issue of antitrust enforcement both in the traditional economy and in the digital one. While it...
Antitrust and Competition

The States Must Appeal the Decision to Allow the Sprint/T-Mobile Deal

Daniel A. Hanley
A close review of the court ruling that approved the $26 billion mega-merger reveals a number of mistakes in Judge Victor Marrero’s reasoning, which...
Antitrust and Competition

The Amazon of Health Care: How CVS Is Evolving From a Drug Store Chain into a Tech Platform

Matt Stoller
CVS is built on a dominant chain of drug stores, but it is now trying to turn itself into a "uniquely powerful platform" for...
Academic Capture

The World Bank's "Papergate": Censorship Is Not the Best Way to Stop Development Aid From Fueling Corruption

Stefano Feltri
A new study of World Bank data finds that aid disbursement to highly aid-dependent countries coincides with sharp increases in bank deposits in offshore...
Antitrust and Competition

The Only Regulation Mark Zuckerberg Likes Is No Regulation

Stefano Feltri
In an op-ed and a white paper, Facebook's CEO argues that "private companies should not make so many decisions alone when they touch on...
Antitrust and Competition

Facebook’s Enduring Control Over Social Media Markets

Filippo Lancieri
According to the British Competition and Markets Authority (CMA), Facebook accounts for 75 percent of the UK’s social media market. Over the past 10 years,...
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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.