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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

Will PwC Throw the Red Card on its Swiss Firm Over FIFA?

Francine McKenna
PwC took over as auditor of the corruption-plagued global football body last year, with the intention of  reforming it. So how is it that...
Regulatory Capture

Is Direct Democracy Better Able to Withstand the Influence of Special Interests?

Asher Schechter
A new Stigler Center working paper looks into the effects of referendums and public initiatives on public policy and finds that direct democracy better...
Regulatory Capture

The Value of Access: How Closeness to the Obama White House Benefited Companies

Guy Rolnik
Between January 2009 and December 2015, White House officials met with corporate CEOs 2,286 times. A new study, to be presented at the upcoming Stigler Center...
Regulatory Capture

How the Global Audit Firms, Led by Deloitte, Are Using Their Lobbying Clout to Dilute Sarbanes-Oxley Reforms

Francine McKenna
A look at the Big Four’s congressional lobbying activity shows the auditors and their trade association taking advantage of the “Trump” window to roll...
Regulatory Capture

The Powerful Private Regulator and the Effects of Conflicts of Interest

Guy Rolnik
A new study reveals both the potential biases in the proxy advisory industry and how a new entrant can help mitigate conflicts of interest. The...
Regulatory Capture

Wells Fargo and the Failure of Boards and Regulators

Guy Rolnik
Two new reports concerning the Wells Fargo scandal suggest that the bank's senior management, its board of directors, and the regulators all knew about the bank's...
Regulatory Capture

When We Are Less Interested in the Truth, Capture Thrives

Guy Rolnik
The unprecedented divide between the way that Democrats and Republicans perceive the state of the economy may be linked to two important theories in...
Regulatory Capture

Stigler Center Launches Case Study Series

Luigi Zingales
On Thursday, the Stigler Center will launch the first in a series of business case studies that focus on the many ways special interest...
Regulatory Capture

I Was a Whistleblower. The Fed Is Not Doing Enough to Fix Wall Street’s Culture of Fear

Eric Ben-Artzi
Deutsche Bank whistleblower Eric Ben-Artzi, who publicly rejected a multimillion dollar award from the Securities and Exchange Commission this summer, writes about the failure...
Regulatory Capture

Uber, the Mayor’s Private Email, and the Underground Lobbying Complex

Guy Rolnik
The recent revelations regarding the interactions between Chicago mayor Rahm Emanuel and former Uber executive and Obama adviser David Plouffe suggest that the real action in...
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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.