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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

Dear Graduates, Here’s What You Can Do to Change Capitalism For the Better

Luigi Zingales
Delivering UChicago’s 532nd Convocation address, Luigi Zingales advised young graduates to embrace their power as consumers, workers, and citizens and fight corporate monopolies. Dear...
Antitrust and Competition

The Decline of American Journalism Is an Antitrust Problem

Sally Hubbard
Weak antitrust enforcement set the stage for Facebook and Google to extract the fruits of publishers’ labor. We won’t be able to save journalism...
Antitrust and Competition

Algorithms and AI Are Radically Changing Insurance. Regulators Are Behind the Curve

Rick Swedloff
The growing use of artificial intelligence to price insurance could erode basic legal protections built into the law to protect both individuals and the...
Academic Capture

Protecting the Independence and Integrity of Research: Introducing the Academic Capture Warning System

Bonnie Wilson
Inappropriate financial donor influence at institutions of higher education appears to be on the rise and risks eroding public trust in academic research. In...
Antitrust and Competition

Designating Tech Platforms as “Information Fiduciaries” Would Do Little to Address the Source of Their Power

Lina M. Khan
The notion that Facebook, Google, and Twitter should be assigned fiduciary duties toward their end users has gained broad support in recent years. However, this...
Antitrust and Competition

Did Facebook and Google “Blackmail” EU Experts to Avoid Discussing Their Market Power?

Asher Schechter
A new report by the journalist network Investigate Europe claims representatives of Facebook and Google pressured members of an EU working group on fake...
Money in Politics

Study: Political Connections Lower Companies’ Tax Rates and Risk of Being Audited

Benjamin C.K. Egerod
How does the revolving door between Congress and corporate America affect the enforcement of tax policy? A new study examines how tax rates change...
Antitrust and Competition

When American Capitalism Meant Equality

Matt Stoller
Americans used to have a relatively egalitarian view of markets. How did they come to accept extreme inequality as an innate part of their...
Antitrust and Competition

How to Mitigate the Political Impacts of Social Media and Digital Platform Concentration

ProMarket writers
Ahead of its annual conference on Digital Platforms, Markets and Democracy, the Stigler Center formed a committee to produce independent white papers that will...
Antitrust and Competition

The Political Footprint of Big Tech in Five Easy Charts

Francesco Trebbi
Big tech firms have been active in Washington since the early days of the Microsoft antitrust case, but in recent years they have increased...
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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.