The Solution to the Auditing Industry’s Oligopoly Problem? More Competition

The UK’s reviews of the Big Four auditing firms have largely adopted an approach of more regulation and government oversight. This approach is not an unnatural response in the face of the evidence against the audit industry, but the industry’s political power over regulators, and its clout over academics, have to be reckoned with.  

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One Year After the Net Neutrality Repeal: the FCC Has Abdicated Its Role Protecting Consumers and Competition

Every promise made by broadband providers and every reason cited by the FCC in its decision to eliminate the net neutrality rules has proven false in the past year, writes Gigi Sohn. Nevertheless, there is cause for optimism: “There will be net neutrality in this country within the next several years.”  

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Loose Policies Around Close Elections Highlight the Political Limits of Macroprudential Regulation

What can policymakers do to prevent future financial crises? An emerging consensus holds that so-called macroprudential regulation is key: policies that aim to mitigate risks to the financial system as a whole. In a recent paper, Karsten Müller of Princeton shows that such policies were systematically loosened in the run-up to two-hundred seventeen elections across 58 countries. This raises the question of whether regulators can, in practice, withstand political pressures.

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