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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

Please, Don’t Use Taxpayer Money to Bail Out Investors Like Me

Jonathan B. Berk
When we invested in stocks and bonds, we knew we might have to face a storm or two. The high returns we received on...
Antitrust and Competition

The Covid-19 Bailout That Big Business Is Lobbying for Could Make America Unrecognizable

Matt Stoller
Supporting industries is necessary to mitigate the economic impact of the pandemic. But using the coronavirus as an excuse, Boeing and other companies are...
Covid-19

Stick, Carrot, and Evergreen Loans: A Policy Proposal to Save Small and Medium-Sized Firms

Arvind Krishnamurthy
Restaurant owners, retailers, and the like employ more than 50 percent of the US workforce, yet neither have cash buffers nor access to Federal Reserve support. In...
ESG, Corporate Governance & Future of the Firm

“Monetary Awards Are Not the Only Reason Why Whistleblowers Report Corporate Malpractice”

Stefano Feltri
At the SEC, Jordan Thomas had a leadership role in developing the program to protect and reward employees who report corporate wrongdoing. Now, he is...
Covid-19

“This Crisis Is Different: the Coronavirus Is a Social Disease Which We Need to Tackle as a Community”

Christoph Gisiger
In an extensive interview, former Governor of the Reserve Bank of India and Chicago Booth professor Raghuram Rajan discusses the pandemic's impact on financial...
Antitrust and Competition

Allowing Digital Platforms to Continue Picking the Winners and Losers of Our Economy Is Un-American

Sally Hubbard
Antitrust law aims to stop established companies from shutting out competitors. We should revive enforcement against exclusionary conduct, as well as structurally eliminate the...
Antitrust and Competition

How US Regulators Allowed Google and Facebook to Become Dominant

Filippo Lancieri
The UK's Competition and Markets Authority recently criticized Google and Facebook's excessive market power. American regulators, on the other hand, have allowed them to consolidate...
Antitrust and Competition

Five Conditions for Corporations About to Receive Coronavirus Bailouts

Matt Stoller
Wall Street and the Federal Reserve are getting ready for massive bailouts, so here are the conditions to put on large corporations who need...
Antitrust and Competition

Captured Western Governments Are Failing the Coronavirus Test

Luigi Zingales
In deciding on possible countermeasures, residents of Western democracies often hear only two opposite perspectives: Is the priority to minimize the loss of human...
Antitrust and Competition

Why Depending on China for US Health Needs Is Dangerous

Matt Stoller
In 2018, the Health Industry Distributor’s Association opposed Trump's tariffs on China with the argument that dependence on China for things hospitals needed, like gloves,...
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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.