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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

Market Concentration, Regulation, and Europe´s Quest for a New Industrial Policy

Oscar Guinea
Weakening competition policy in Europe risks creating monopolies rather than industrial champions. An interventionist style of industrial policy, one that revolves around picking winners, has...
Regulatory Capture

Debunking Deregulation: Bank Credit Guidance and Productive Investment

Josh Ryan-Collins
Deregulated banking in rich countries delivers more “investment” in speculative asset markets, not productive businesses.     In academic and policy circles there is deep mistrust of...
Antitrust and Competition

When We Outsource Privacy Compliance, We May Undermine Privacy Protection

Ari Waldman
Privacy law is currently being shaped and implemented by a new industry of third-party tech vendors. These companies code their own interpretations of privacy...
Regulatory Capture

Self-Regulation and the Video Game Industry: A New Stigler Center Case Study

ProMarket writers
A new Stigler Center case study explores questions surrounding the ESRB, the self-regulatory body responsible for assigning age and content ratings to video games.  The debate...
Regulatory Capture

Schumpeter and Brexit: Same Old Story, Different Ending

Natasha Piano
Joseph Schumpeter wouldn’t have been surprised by Brexit, but would blame British elites for putting it to a referendum and then walking away from the...
Antitrust and Competition

The Anticompetitive Effects of Current Capital Regulation

Matteo Benetton
Some features of the capital regulation that was designed to increase the safety of the financial system may have unintended consequences on the competitive...
Antitrust and Competition

Regulators Should Not Change the Regulatory Environment to Include Labor Market Concentration

Ben Lipsius
Research has shown that labor markets with higher levels of labor market concentration have lower wages. It does not necessarily follow that regulators should...
Media

“Emmanuel Macron Is Not a Liberal, He Just Pretends to Be”

Guy Rolnik
The French president found himself under fire following an attempted police raid on the offices of the investigative news site Mediapart. While many around...
Antitrust and Competition

When the Interests of Monopolists and Authoritarians Coalesce

Raghuram Rajan
It is when the behemoth of monopoly enterprise consorts with the leviathan of the authoritarian state that both are likely to achieve permanence, writes...
Media

The News Media’s Business Model of Extortion

Guy Rolnik
The Jeff Bezos vs. The National Enquirer scandal highlights the role that extortion may play in the business model of some news outlets.  Jeff Bezos’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.