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Commentary

An outlet for insiders to speak freely (as they remain anonymous to the reader) on what they perceive as problematic practices in their own industry – with an emphasis on how the industry tweaks the rules of the game and captures regulation.
“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice.” Adam Smith – An Inquiry into the Nature and Causes of the Wealth of Nations (1776)

Commentary

Tesla Is Short on Director Independence

Lucian Bebchuk
Lucian Bebchuk and Robert Jackson discuss how Tesla is failing to bolster director independence despite a highly critical court opinion.
Commentary

Tesla Investors Deserve Musk’s Attention

Lucian Bebchuk
Lucian Bebchuk and Robert Jackson argue that Tesla’s proposal to ratify Elon Musk’s $50 billion pay package would fail to secure Musk’s devotion of time and effort to Tesla rather than other endeavors, just as its past pay arrangement did.
Commentary

The Elephant in Tesla’s Boardroom

Lucian Bebchuk
Lucian Bebchuk and Robert Jackson discuss how Elon Musk’s threat to develop AI projects outside Tesla may distort investors’ votes on restoring his large options grant.
Antitrust and Competition

What Is Bold, Old, and Necessary about the DOJ’s Lawsuit Against Live Nation-Ticketmaster

John Kwoka
Drawing on their research, John Kwoka and Tommaso Valletti refute criticisms of the Department of Justice’s lawsuit to break up Live Nation-Ticketmaster that argue such actions irreparably ruin the operations of the constituent firms. The authors highlight the many examples of successful breakups and conclude that only a breakup will now repair the market for live entertainment.
Commentary

Why It Is Important to Address the Misconduct Cases at the FDIC

Hamid Mehran
Hamid Mehran discusses the recent report on sexual harassment and misconduct at the Federal Deposit Insurance Corporation, highlighting the potential negative impact on financial stability due to the departure of experienced examiners and supervisors. Mehran suggests adopting a clawback scheme in employment contracts for senior employees to foster a healthier work environment and protect the FDIC's most valuable asset, its human talent.
Commentary

What Prevents Local Governments From Managing Their Finances More Effectively?

Travis St. Clair
Travis St. Clair outlines how fiscal problems at the local level often stem from short-term fiscal and electoral incentives as well as voters’ limited attention. He reviews potential solutions to improve the financial transparency and long-term planning of local governments.
Commentary

The Political Economy of Populism in Mexico

Rodrigo Castro Cornejo
Rodrigo Castro Cornejo discusses the reasons for the rise of left-wing populism in Mexico under Andrés Manuel López Obrador, how López Obrador’s administration has changed Mexico’s political economy in his six years in office, and what this means for the future of populism in Mexico as voters head to the polls on June 2.
Commentary

The Political Economy of Left-Wing Populism in America

Richard Oestreicher
Richard Oestreicher explores the recent history of left-wing populism in the United States: its origins, its motivations, and how that populism is likely to mature and transform U.S. politics with it.
Antitrust and Competition

Assessing India’s Ex-Ante Framework for Competition in Digital Markets

Vikas Kathuria
Vikas Kathuria evaluates India’s new ex-ante framework to regulate digital markets. He assesses its divergences from Europe’s archetypal Digital Markets Act and the characteristics of India’s political economy that explain these differences.
Commentary

Should Every Town And Village Have Unfettered Access To The Municipal Bond Market?

Kent Hiteshew
Kent Hiteshew and Ivan Ivanov write that the United States municipal bond market suffers from fragmentation, poor liquidity, and inadequate disclosure due to the dominance of small, infrequent issuers who struggle to meet regulatory disclosure requirements. They argue that greater involvement of state-backed municipal bond banks could help address these issues by pooling smaller issuances, reducing borrowing costs, and streamlining disclosure obligations for local governments.
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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.