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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

Like Microsoft, but With More Glitter: The Cheerleading Monopoly Problem

Matt Stoller
Cheerleading is a huge part of American culture. It’s also an expensive sport, especially after a company called Varsity Brands bought the National Cheerleader...
Antitrust and Competition

Antitrust’s Monopsony Problem

Sandeep Vaheesan
Four cases from the past decade alleging employer collusion against workers show that at present, antitrust law is ill-equipped to protect workers. A root...
Income Inequality

A New Capitalisn't Episode: The Controversial Tax Policies Of Emmanuel Saez

ProMarket writers
In a new episode of their podcast Capitalisn't, Luigi Zingales and Kate Waldock interview UC Berkeley professor Emmanuel Saez on tax policy, the wealth...
Money in Politics

How Do Members of Congress React to the Potential of Lucrative Private Sector Employment?

Benjamin C.K. Egerod
Many fear that the potential for well-paid post-elective jobs can make legislators give rewards to their future employers. A new study finds that career...
Antitrust and Competition

“We Were Naïve,” Says FCC Chair Who Oversaw the Creation of Section 230

Guy Rolnik
In an interview with ProMarket, former FCC chair Reed Hundt spoke about antitrust, Big Tech platforms, the future of the 1996 provision that provided legal protection...
ESG, Corporate Governance & Future of the Firm

Over 60 Leading Finance Economists Ask SEC to Revise the Shareholder Voting Draft Reform

ProMarket writers
The new regulation that Security and Exchange Commissioners voted in November doesn't fix proxy advisory industry duopoly problems, but it actually makes them worse:...
ESG, Corporate Governance & Future of the Firm

New Rules on Shareholder Voting Debate: Best Readers' Comment

James McRitchie
The draft SEC regulation on shareholder proposal and proxy advisory firms will curb the initiative of individual shareholders to improve corporate governance and transparency...
ESG, Corporate Governance & Future of the Firm

Why the US Government Buys Overpriced Services From McKinsey

Matt Stoller
The Industrial Funding Fee pays $3 million a year for a 23-year old McKinsey employee instead of hiring an experienced person directly to do...
Antitrust and Competition

The Rise of the Opioids: How Purdue Invented New Markets for OxyContin

David Egilman, Gregory Collins, Julie Falender, Naomi Shembo, Ciara Keegan, Sunil Tohan
Purdue's strategy was to market its opioids directly to patients via brochures, videos, advertisements, and the internet. It also provided information to doctors and...
Regulatory Capture

Who Benefits When State Governments Award Incentives to Politically-Connected Companies?

Allison Koester
A new study finds that a company is nearly four times more likely to receive an economic incentive in a state where the company...
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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.