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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)

Covid-19

How Pfizer’s Vaccine Announcement Demonstrates the Political Power of Firms

John M. Barrios
By timing the disclosure of the results of its vaccine trial, Pfizer could have influenced the 2020 presidential election. This is worrisome regardless of...
News

It is Not Just Small Investors Who Will Be Silenced Thanks to SEC’s New Rules

Yaron Nili
Shareholder proposals are one of the most effective forms of shareholder voice in corporate America. It is one of the main channels through which...
News

Seven Reasons Why the Wirecard Fraud Matters

Karthik Ramanna
We now know that Wirecard was a massive fraud. The company—treated like a rock star by regulators and key players in finance—fabricated customers, invented...
Regulatory Capture

The Wirecard Saga: Germany’s Enron Moment?

ProMarket writers
How did Wirecard go from a “rockstar” to a company that fabricates customers, invents profits, and expropriates investors’ capital? Watch a Stigler Center webinar...
Antitrust and Competition

“Amazon Is Getting Richer by the Moment —But There’s a Limit to How Many People Jeff Bezos Can Buy”

Asher Schechter
In an interview with ProMarket, Barry Lynn discusses the current state of American antimonopoly, what the Covid-19 crisis has taught us about the fragility...
Antitrust and Competition

Government Regulation is the Pro-Market Solution

Steven K. Vogel
The Covid-19 pandemic has utterly discredited the false dichotomy of government vs. markets. Extensive government regulation is a prerequisite for the proper functioning of...
News

ICIJ’s FinCEN Files Expose How Banks Turn a Blind Eye to Suspicious Transactions

Gloria Riva
A 16-months long investigation identified more than $2 trillion in transactions that were flagged as possible money laundering or other criminal activity. The records—which...
Antitrust and Competition

What the US Economy Could Look Like if Digital Markets Were Open and Competitive

Sally Hubbard
The US House of Representatives' investigation into digital platforms has opened Americans' eyes to the widespread harms that flow from the illegal monopolization of...
Antitrust and Competition

“The Antitrust Doctrine We’ve Seen Over the Last 40 Years Simply Does Not Match the Lived Experience of People”

Asher Schechter
In an interview with ProMarket, investigative journalist David Dayen discusses the toll that monopoly power takes on the lives of ordinary Americans and why...
Commentary

Special Interests Hide Behind Regulatory Myths

Casey B. Mulligan
Three myths about federal regulation help prevent much of the public, and many experts, from realizing how many regulations serve to promote special interests.  Years...
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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.