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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

ProMarket Interview: Bo Rothstein on the Role of Government in Market Economies

Guy Rolnik
Bo Rothstein, one of the most influential political scientists in the world today, explains how countries can become less corrupt, and why the Nordic...
Regulatory Capture

“It’s Difficult to Produce Good Policy in Thin Political Markets”

Asher Schechter
Harvard Business School’s Karthik Ramanna, author of Political Standards, outlines the potential harms of thin political markets and offers ways to mitigate capture. “It’s difficult...
Regulatory Capture

“There Is Regulatory Capture, But It Is By No Means Complete”

Asher Schechter
Kenneth J. Arrow, one of the most influential economists of the 20th century, reflects on the benefits of a single payer health care system,...
Regulatory Capture

From Mancur Olson to Bernie Sanders

Guy Rolnik
Professor George Stigler, the Nobel Laureate (1982) who in some ways invented the idea of “regulatory capture,” and Professor Mancur Olson, who developed some...
Regulatory Capture

"Capture is Everywhere – It Happens at the Highest Levels of Our Democracy"

Asher Schechter
Armed with research on drug patents and a spate of internal emails from the United States Patent and Trademark Office, hedge fund manager Kyle...
Regulatory Capture

Stigler Fellow of the Month: Beyond the Traditional Capture Theory

ProMarket writers
Harvard Business School's Rafael Di Tella is "Stigler Fellow of the Month". He talks about how any theory of regulation should consider the roles...
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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.