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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

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....
Regulatory Capture

Is China Succeeding in the War Against Corruption? Q&A with Bernard Yeung

Asher Schechter
In the past four years, China has been waging the biggest anticorruption campaign in its modern history. Is it working?  In the past four years, the...
Regulatory Capture

Can the Euro Be Saved? A Stigler Center Panel Pits Skepticism Versus Optimism

Asher Schechter
Joseph Stiglitz: "it may be necessary to abandon the euro to save the European project." Markus Brunnermeier: “the situation is improving. The structural reforms really worked,...
Regulatory Capture

The Euro Crisis and The Clash of Ideologies: Q&A with Markus Brunnermeier

Asher Schechter
Brunnermeier, co-author of the recent book The Euro and the Battle of Ideas, participated in our November 30 event on the future of the euro...
Regulatory Capture

Greater Political Integration is Necessary for a Sustainable Euro

Luigi Zingales
Read an excerpt from Luigi Zingales' 2014 book Europe or Not. On November 30, the Stigler Center hosted a panel discussion on the future of...
Regulatory Capture

Stiglitz, Brunnermeier, and Zingales: Is the Euro Project Doomed?

ProMarket writers
Join us for a panel between Nobel laureate Joseph Stiglitz and Markus Brunnermeier, both authors of recent books on the future of the Euro....
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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.