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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

False Claims and Propaganda: Why Uber’s Narratives Are Wrong But Successful

Hubert Horan
Uber’s narratives reduce everything to emotive battles between good and evil. If Uber’s success is inevitable, and resistance is futile, no one needs to waste...
Media

Why Michael Bloomberg’s Run for President Creates an Unprecedented Media Problem

Stefano Feltri
The first effect of Michael Bloomberg’s campaign and of his conflicts of interest is to reduce the 2020 candidates’ accountability: one of the world's...
Antitrust and Competition

Benjamin Netanyahu Sided With Israel's Oligarchs — and It Led to His Downfall

Asher Schechter
The indictment against Israel’s prime minister exposes an entire ecosystem of institutionalized corruption, one which has been in place long before Netanyahu came to...
ESG, Corporate Governance & Future of the Firm

The SEC Proposal on Proxy Advisory Firms Will Provide Greater Transparency and Accountability

David F. Larcker
Proxy advisory firms lack transparency and their recommendations are not always in shareholders' interests. However, despite their poor performance, the two biggest firms' market...
ESG, Corporate Governance & Future of the Firm

Why CEOs and Regulators Clash With the Duopoly of Proxy Advisory Firms

Stefano Feltri
Institutional investors that own between 70 and 80 percent of the market value of US public companies often rely on investment advisers voting on behalf of...
Academic Capture

The Uber Bubble: Why Is a Company That Lost $20 Billion Claimed to Be Successful?

Hubert Horan
In the first of three interrelated articles, transportation consultant Hubert Horan discusses Uber's "uncompetitive economics." There is no real innovation in the company's business...
ESG, Corporate Governance & Future of the Firm

Fake Letters Poisoned the Debate on SEC's New Rules on Shareholder Votes and Proxy Advisory Firms

Stefano Feltri
SEC Chairman Jay Clayton claimed that the draft regulation on shareholders' votes and proxy advisory firms received approval by hundreds of "Main Street" Americans....
Antitrust and Competition

High-Priced Acquisitions of Tech Startups Do Not Always Stimulate More Innovation

ProMarket writers
What seems to be a big reward to innovation ultimately reduces the incentive to innovate, argues a new Stigler Center working paper by Krishna...
ESG, Corporate Governance & Future of the Firm

The New SEC Proxy Rules Will Redefine American Capitalism: Let’s Debate Them

ProMarket writers
A new SEC proposal regarding proxy advisors will make it harder for shareholders to vote against CEOs' preferences. However, there is a 60-day period...
Antitrust and Competition

How Israel's Antimonopolists Helped Take Down Benjamin Netanyahu

Matt Stoller
The corruption exposed by Israeli antimonopolists has been a key driver of Benjamin Netanyahu's current political woes.        If you pay any attention to the weird...
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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.