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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)

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OpenLux: Despite Reform Efforts, Luxembourg Remains an “Offshore Hub in the Heart of Europe”

Antonio Baquero
Dozens of foreign citizens linked to corruption, embezzlement of public funds, organized crime, and tax crime have opened companies in Luxembourg, seemingly without raising...
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Fahmi Quadir: “Short Sellers are Always an Easy Boogeyman”

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In an interview with ProMarket, short-seller Fahmi Quadir, who has shorted companies like Wirecard and Valeant, discussed the public perception of short-sellers and what...
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How the FTC Protected the Market Power of Pharmacy Benefit Managers

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Is Corporate Personhood to Blame for Money in Politics?

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Just because corporations are “legal persons” doesn’t mean that they should get all of the same rights as human persons. Yet over the past...
Money in Politics

How American Corporations Used Courts and the Constitution to Avoid Government Regulation

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Since the early days of the Republic, corporations have turned the Constitution itself into a shield against unwanted regulation of the economy. So long...
Antitrust and Competition

The Non-Revolving Door Between the SEC and the Plaintiffs’ Bar

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Nowhere does the “revolving door” spin more quickly than at the Securities and Exchange Commission. But, even at the SEC, not all doors spin...
Antitrust and Competition

The Best Political Economy Books of 2020

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A travelogue of monopoly, the dangers of elite impunity, and the relevance of John Maynard Keynes: here are (in no particular order) some of...
Antitrust and Competition

Little Law and No New Regulator: What’s Missing in the House Antitrust Report

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The House Antitrust report spans 449 pages, 30 of which contain recommendations for antitrust reform. However, one of the most telling aspects of the...
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Angus Deaton: “There’s Something Clearly Wrong With Our Corporate System, in Which Pharmaceutical Companies Are Allowed to Kill People for Money”

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In an interview with ProMarket, Nobel Prize-winning economist Angus Deaton outlined what he believes the incoming Biden administration should do: introduce price controls and...
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Reversing the “Resource Curse” with Foreign Corruption Regulation

Thomas Rauter
Anti-corruption regulation originating in developed countries is effective in changing corporate behavior and has a positive economic impact on developing countries. Countries with large natural-resource endowments are often...
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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.