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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)

Regulatory Capture

How to Lobby on E-Waste? A New Stigler Center Case Study on the Hewlett-Packard Dilemma

ProMarket writers
Brian K. Richter’s case study illustrates how firms can use lobbying strategies to complement socially responsible activities that are cost centers and turn them...
Academic Capture

Call for Papers: Academic Lobbying

ProMarket writers
Ahead of our fourth annual Theory of the Firm conference, we are soliciting papers dedicated to the topic of academic lobbying.     Three years ago,...
Antitrust and Competition

How Robert Bork Fathered the New Gilded Age

Sandeep Vaheesan
Much like in the first Gilded Age, antitrust enforcers today are hitting labor, not capital. This is thanks to Robert Bork’s radical and influential...
Antitrust and Competition

The Limits of Private Action: What the Past 40 Years Taught Us About the Perils of Unregulated Markets

Ganesh Sitaraman
The two big ideas that animated American public policy since the end of World War II, employer-sponsored social benefits and neoliberalism, are failures. We...
Income Inequality

The Future of Capitalism and the Utopia That Never Was

Branko Milanovic
In his review of Paul Collier’s recent book The Future of Capitalism, Branko Milanovic discusses ideology, social democracy, and the "ethical world."     Paul Collier’s...
Money in Politics

Why American Voters Are Still Not Ready to Support Carbon Taxes

Ioana Marinescu
Economists and policy elites love carbon taxes, but voters dislike them. A new study suggests that ideology has a lot to do with it....
Money in Politics

How the Supreme Court Is Rebranding Corruption

Ciara Torres-Spelliscy
In thirteen years of hostile decisions, the Roberts Supreme Court has done all it can to legalize corruption. With the Bridgegate case, it gets...
Money in Politics

“Following the Money” to Uncover Terrorist Organizations

Nicola Limodio
Critics have argued in recent years that financial counterterrorism is costly and ineffective. But a new Stigler Center working paper shows that it can...
Antitrust and Competition

How Reforming Antitrust Can Restore a Competitive Economy

Jonathan B. Baker
For decades, competition in America has been on the wane, leading to slower economic growth and a gaping chasm of inequality. Antitrust can help...
Antitrust and Competition

The News About Antitrust’s Impending Resurgence Has Been Greatly Exaggerated

Chris Sagers
The federal antitrust agencies don’t appear to be serious about their recent Big Tech push. And given that the Supreme Court and federal judiciary...
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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.