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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 Texas Blackouts and the Problems of Electricity Market Design

Georg Rilinger
Even in an ideal electricity market, reliability is an elusive and precarious byproduct of companies’ search for profits. Since market designers are rarely in...
Antitrust and Competition

Morale At the DOJ’s Antitrust Division Has Plummeted. Here’s How to Fix It

John Newman
The Biden administration should work to reverse the declining morale since a re-energized Antitrust Division will translate into more effective, innovative enforcement efforts.   The...
Commentary

OpenLux: Why the Era of Financial Secrecy Needs to End

José Antonio Ocampo
The #OpenLux investigation underlines that, despite undeniable progress in terms of transparency, there is still considerable work to be done in the fight against...
News

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...
News

Fahmi Quadir: “Short Sellers are Always an Easy Boogeyman”

Jana Kasperkevic
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...
Antitrust and Competition

How the FTC Protected the Market Power of Pharmacy Benefit Managers

Stacy Mitchell
Pharmacy Benefit Managers (PBMs) were established in the 1960s to control drug costs but have since morphed into one of the most highly concentrated...
Money in Politics

Is Corporate Personhood to Blame for Money in Politics?

Elizabeth Pollman
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

Adam Winkler
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

Alexander I. Platt
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

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