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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

Thomas Piketty, Chile's Political Chaos, and How to Change Capitalism for the Better: ProMarket’s Top Stories of 2019

ProMarket writers
As 2019 draws to a close, we look back at ProMarket’s most-read and most-widely shared stories of the past year.       Thomas Piketty’s long-anticipated follow-up to...
Academic Capture

The Best Political Economy Books of 2019

Asher Schechter
A history of American antimonopoly, the case against Big Tech, and how Europe got better than the US at free markets: here are (in no...
Academic Capture

OxyContin's Academic Marketing: The Studies That Fueled the Opioid Crisis

David Egilman, Gregory Collins, Julie Falender, Naomi Shembo, Ciara Keegan, Sunil Tohan
Purdue Pharmaceuticals used to cite three major studies to argue that in prescribing OxyContin, addiction-risk was not significant. The most influential of those studies...
ESG, Corporate Governance & Future of the Firm

Shareholders at the Gate: The Increasing Pressure on CEOs for More Transparency

Joost Sijthoff
The average share of votes in favor of proposals that require corporate executives to disclose political and lobbying spending is trending up. But a...
Antitrust and Competition

"The Lack of Competition Has Deprived American Workers of $1.25 Trillion of Income"

Asher Schechter
French economist Thomas Philippon, author of the recent The Great Reversal, explains how Europe got to be better at free markets than the US and how...
Academic Capture

Uber’s “Academic Research” Program: How to Use Famous Economists to Spread Corporate Narratives

Hubert Horan
Uber's employees co-authored academic papers with brand name scholars that were then used to back the company's PR and lobbying strategy. Published in respected...
Antitrust and Competition

The Qualcomm Case: Why Protecting American Tech Monopolies Is a Big Favor to China

Matt Stoller
The FTC sued the company that monopolized the market of components for cell phones with its aggressive patent policy. However, in the technological race...
Antitrust and Competition

False Claims and Propaganda: Why Uber’s Narratives Are Wrong But Successful

Hubert Horan
Uber’s narratives reduce everything to emotive battles between good and evil. If Uber’s success is inevitable, and resistance is futile, no one needs to waste...
Media

Why Michael Bloomberg’s Run for President Creates an Unprecedented Media Problem

Stefano Feltri
The first effect of Michael Bloomberg’s campaign and of his conflicts of interest is to reduce the 2020 candidates’ accountability: one of the world's...
Antitrust and Competition

Benjamin Netanyahu Sided With Israel's Oligarchs — and It Led to His Downfall

Asher Schechter
The indictment against Israel’s prime minister exposes an entire ecosystem of institutionalized corruption, one which has been in place long before Netanyahu came to...
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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.