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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)

ESG, Corporate Governance & Future of the Firm

Fake Letters Poisoned the Debate on SEC's New Rules on Shareholder Votes and Proxy Advisory Firms

Stefano Feltri
SEC Chairman Jay Clayton claimed that the draft regulation on shareholders' votes and proxy advisory firms received approval by hundreds of "Main Street" Americans....
Antitrust and Competition

High-Priced Acquisitions of Tech Startups Do Not Always Stimulate More Innovation

ProMarket writers
What seems to be a big reward to innovation ultimately reduces the incentive to innovate, argues a new Stigler Center working paper by Krishna...
ESG, Corporate Governance & Future of the Firm

The New SEC Proxy Rules Will Redefine American Capitalism: Let’s Debate Them

ProMarket writers
A new SEC proposal regarding proxy advisors will make it harder for shareholders to vote against CEOs' preferences. However, there is a 60-day period...
Antitrust and Competition

How Israel's Antimonopolists Helped Take Down Benjamin Netanyahu

Matt Stoller
The corruption exposed by Israeli antimonopolists has been a key driver of Benjamin Netanyahu's current political woes.        If you pay any attention to the weird...
ESG, Corporate Governance & Future of the Firm

The SEC's Proposal on Proxy Advisor Regulation Shields CEOs From Accountability to Investors

Robert Jackson
SEC Commissioner Robert Jackson dissented from his SEC colleagues' proposal on how to reform proxy advisors regulation. New rules, he argues, would introduce a...
Antitrust and Competition

Why a New Digital Authority Is Necessary

Luigi Zingales
A recent Washington Post op-ed claimed that creating a digital authority to regulate Big Tech would be a disaster because of high costs and the...
Money in Politics

The Other Side of Trump's Shadow Diplomacy: After Ukraine, Quid Pro Quo in Italy Too?

Stefano Feltri
The White House asked the Italian government for support in its "investigation on the investigators" to prove the existence of a Democratic plot against...
Antitrust and Competition

The Humbling of Mark Zuckerberg

Asher Schechter
Zuckerberg's Congressional testimony this week illustrated just how much Facebook's top brass still underestimate the public anger against the company. Congress, however, is still...
Antitrust and Competition

How Economic Concentration and Crony Capitalism Led to the Chaos in Chile

Daniel Matamala
The signals of unrest in Chile mounted for years amid corruption scandals, rising inequality, and new monopolies. The fare increase on public transport that...
Antitrust and Competition

How the “Watergate Babies” Released the Beast of Monopoly Upon America

Matt Stoller
Why did Washington respond to the 2008 financial crisis by pushing even more wealth and power into the hands of the same people that...
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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.