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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 Stimulus Package Is Too Expensive and Poorly Targeted: The Waste Contained in the CARES Act

Amit Seru
A cost-effective stimulus to mend the effects of a 24 percent drop in GDP would cost no more than $1.3 trillion over a 6-month...
Covid-19

From Most No-Brainer to Most Complicated: A List of Policy Proposals to Mitigate the Virus’ Impact

Tyler Cowen
Policymakers need to figure out which sectors we wish to keep up and running (food, health care), which sectors we want to contract rapidly...
Antitrust and Competition

America’s Broken Health Care System Is the Biggest Obstacle to Containing the Coronavirus

Asher Schechter
Over the past few weeks, it has become abundantly clear that the US health care system is uniquely ill-equipped to deal with a crisis...
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...
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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.