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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

Executive Orders, Judicial Orders, and the Rule of Law

Daniel Hemel
What does President Trump’s executive order on immigration and its aftermath mean for the rule of law? What does President Trump’s executive order on immigration—and...
Regulatory Capture

Could the Fed Have Rescued Lehman Brothers? Q&A with Laurence Ball

Guy Rolnik
A new study argues that the Federal Reserve could have saved Lehman Brothers from bankruptcy, but chose not to, partly because of political pressures.  Eight-and-a-half years ago,...
Regulatory Capture

Revolving Doors in the Private Sector: Quid Pro Quo or Efficient Market Mechanism?

ProMarket writers
A new paper by Elisabeth Kempf from the University of Chicago looks into the performance of credit analysts who left to work for investment...
Regulatory Capture

Could Blockchain Technology Alter the Balance of Power Within the Financial System? Q&A with David Yermack

Asher Schechter
"Blockchain technology is threatening to remake the financial system from the top down in a way that threatens the existence of all the banks,...
Regulatory Capture

Managing Political Risk

Roy Shapira
A recent working paper suggests that firms react to political risk, both passively by cutting investment and employment, and actively by ramping up lobbying efforts. From Trump...
Regulatory Capture

Democracy Against Domination: Overcoming Economic Power and Regulatory Failure in the New Gilded Age

K. Sabeel Rahman
The financial crisis—and the limits of our regulatory response to the crash—offer important lessons for our broader understandings of how to conceptualize and institutionalize...
Regulatory Capture

Watch: Deutsche Bank Whistleblower Eric Ben-Artzi Explains What it Takes to Blow the Whistle on Fraud

Guy Rolnik
Ben-Artzi: "The problem is not that you have misbehavior on Wall Street. It's that you have misbehavior by the people who are supposed to...
Regulatory Capture

Can Corruption Explain the Success of Donald Trump?

Bo Rothstein
“Identity politics” perceived as favoritism may be the explanation for why Trump’s strategy of accusing the political elite and Hillary Clinton of corruption paid...
Regulatory Capture

Earnings Inequality: The Implications of the Rapidly Rising Cost of Employer-Provided Health Insurance

Mark J. Warshawsky
The problem of rising healthcare costs cannot be fixed by the current prescription of redistributive policies. Policymakers must redirect their focus. Concern about income inequality...
Regulatory Capture

Italy’s Referendum: You Call it Populism, I Call it Democracy

Luigi Zingales
The “no” vote in Italy’s referendum was not unexpected, economically meaningful, or against globalization. In these regards, it was not like Brexit or Trump....
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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.