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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 Humbling of Mark Zuckerberg

Asher Schechter
Zuckerberg's Congressional testimony this week illustrated just how much Facebook's top brass still underestimate the public anger against the company. Congress, however, is still...
Antitrust and Competition

How Economic Concentration and Crony Capitalism Led to the Chaos in Chile

Daniel Matamala
The signals of unrest in Chile mounted for years amid corruption scandals, rising inequality, and new monopolies. The fare increase on public transport that...
Antitrust and Competition

How the “Watergate Babies” Released the Beast of Monopoly Upon America

Matt Stoller
Why did Washington respond to the 2008 financial crisis by pushing even more wealth and power into the hands of the same people that...
Academic Capture

Uber and the Sherlock Holmes Principle: How Control of Data Can Lead to Biased Academic Research

Luigi Zingales
How can we ensure that academic journals do not become an unintended instrument in the PR efforts of powerful firms? Luigi Zingales offers some...
Academic Capture

Presenting: The Stigler Center’s Report on How to Rein in Big Tech

ProMarket writers
The Stigler Center presents its policy suggestions on how to address the political and economic issues raised by the market power of tech platforms...
Regulatory Capture

How to Lobby on E-Waste? A New Stigler Center Case Study on the Hewlett-Packard Dilemma

ProMarket writers
Brian K. Richter’s case study illustrates how firms can use lobbying strategies to complement socially responsible activities that are cost centers and turn them...
Academic Capture

Call for Papers: Academic Lobbying

ProMarket writers
Ahead of our fourth annual Theory of the Firm conference, we are soliciting papers dedicated to the topic of academic lobbying.     Three years ago,...
Antitrust and Competition

How Robert Bork Fathered the New Gilded Age

Sandeep Vaheesan
Much like in the first Gilded Age, antitrust enforcers today are hitting labor, not capital. This is thanks to Robert Bork’s radical and influential...
Antitrust and Competition

The Limits of Private Action: What the Past 40 Years Taught Us About the Perils of Unregulated Markets

Ganesh Sitaraman
The two big ideas that animated American public policy since the end of World War II, employer-sponsored social benefits and neoliberalism, are failures. We...
Income Inequality

The Future of Capitalism and the Utopia That Never Was

Branko Milanovic
In his review of Paul Collier’s recent book The Future of Capitalism, Branko Milanovic discusses ideology, social democracy, and the "ethical world."     Paul Collier’s...
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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.