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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)

Antitrust and Competition

The Non-Revolving Door Between the SEC and the Plaintiffs’ Bar

Alexander I. Platt
Nowhere does the “revolving door” spin more quickly than at the Securities and Exchange Commission. But, even at the SEC, not all doors spin...
Antitrust and Competition

The Best Political Economy Books of 2020

Asher Schechter
A travelogue of monopoly, the dangers of elite impunity, and the relevance of John Maynard Keynes: here are (in no particular order) some of...
Antitrust and Competition

Little Law and No New Regulator: What’s Missing in the House Antitrust Report

Neil Chilson
The House Antitrust report spans 449 pages, 30 of which contain recommendations for antitrust reform. However, one of the most telling aspects of the...
Covid-19

Angus Deaton: “There’s Something Clearly Wrong With Our Corporate System, in Which Pharmaceutical Companies Are Allowed to Kill People for Money”

Asher Schechter
In an interview with ProMarket, Nobel Prize-winning economist Angus Deaton outlined what he believes the incoming Biden administration should do: introduce price controls and...
News

Reversing the “Resource Curse” with Foreign Corruption Regulation

Thomas Rauter
Anti-corruption regulation originating in developed countries is effective in changing corporate behavior and has a positive economic impact on developing countries. Countries with large natural-resource endowments are often...
Covid-19

How Pfizer’s Vaccine Announcement Demonstrates the Political Power of Firms

John M. Barrios
By timing the disclosure of the results of its vaccine trial, Pfizer could have influenced the 2020 presidential election. This is worrisome regardless of...
News

It is Not Just Small Investors Who Will Be Silenced Thanks to SEC’s New Rules

Yaron Nili
Shareholder proposals are one of the most effective forms of shareholder voice in corporate America. It is one of the main channels through which...
News

Seven Reasons Why the Wirecard Fraud Matters

Karthik Ramanna
We now know that Wirecard was a massive fraud. The company—treated like a rock star by regulators and key players in finance—fabricated customers, invented...
Regulatory Capture

The Wirecard Saga: Germany’s Enron Moment?

ProMarket writers
How did Wirecard go from a “rockstar” to a company that fabricates customers, invents profits, and expropriates investors’ capital? Watch a Stigler Center webinar...
Antitrust and Competition

“Amazon Is Getting Richer by the Moment —But There’s a Limit to How Many People Jeff Bezos Can Buy”

Asher Schechter
In an interview with ProMarket, Barry Lynn discusses the current state of American antimonopoly, what the Covid-19 crisis has taught us about the fragility...
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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.