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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

Regulatory Capture, Ancient and Modern

Alissa Ardito
Regulatory capture's antecedents in political thought—which date back to ancient Greece—inform the modern concept. Until recently, the term regulatory capture seemed stale, a mid-20th century...
Regulatory Capture

Making it Look Like a Struggle

Roy Shapira
 For capture to be sustainable, the regulator has to find ways to be perceived as being tough on the regulated without really hurting them. The...
Regulatory Capture

Preventing Regulatory Capture

Mark Calabria
When a regulation’s benefits exceed its costs, simplicity and interdisciplinary processes are essential to reducing capture. Regulatory capture arises when regulatory decisions advance private interests...
Regulatory Capture

Challenges in Measuring Regulatory Capture

Daniel Carpenter
We as a society have failed to settle upon what we think are the measurements, the correlates, the red flags, and the warning signs...
Regulatory Capture

Fighting Regulatory Capture in the 21st Century

Mike Lee
It should come as no surprise that the movement against regulatory capture is gaining momentum at this particular moment in our nation’s history. It is...
Regulatory Capture

The 'Argumentum a Crise': So Powerful, So Prone to Misuse

Luca Enriques
Since the financial crisis and the related euro debt crisis, the use of the argumentum a crise has been ubiquitous. A more selective use...
Regulatory Capture

The Attacks on RBI Governor Raghuram Rajan: Lessons from Stanley Fischer as a Central Banker

Guy Rolnik
India and Israel show that fighting crony capitalism in countries where a small group of people has huge political and financial influence is sometimes...
Regulatory Capture

ProMarket Interview: “The Lobbyists and the Regulators Were Really, Socially and Culturally, the Same People”

Asher Schechter
University of Connecticut’s law professor James Kwak explains the mechanisms that drive cultural capture, and why he think it is less prevalent today. In his...
Regulatory Capture

ProMarket Interviews Bo Rothstein, Part II: On Strong Markets and Quality Government

Guy Rolnik
In the second part of ProMarket's interview with Bo Rothstein, the Swedish political scientist discusses corruption, social trust and unions. After decades in which the...
Regulatory Capture

Do Courts Have a Pro-Business Bias?

Roy Shapira
Existing evidence are not enough to determine whether courts are pro-market or pro-(incumbent)business. President Obama’s plan to nominate Judge Merrick Garland to the Supreme Court...
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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.