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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

Did Facebook and Google “Blackmail” EU Experts to Avoid Discussing Their Market Power?

Asher Schechter
A new report by the journalist network Investigate Europe claims representatives of Facebook and Google pressured members of an EU working group on fake...
Money in Politics

Study: Political Connections Lower Companies’ Tax Rates and Risk of Being Audited

Benjamin C.K. Egerod
How does the revolving door between Congress and corporate America affect the enforcement of tax policy? A new study examines how tax rates change...
Antitrust and Competition

When American Capitalism Meant Equality

Matt Stoller
Americans used to have a relatively egalitarian view of markets. How did they come to accept extreme inequality as an innate part of their...
Antitrust and Competition

How to Mitigate the Political Impacts of Social Media and Digital Platform Concentration

ProMarket writers
Ahead of its annual conference on Digital Platforms, Markets and Democracy, the Stigler Center formed a committee to produce independent white papers that will...
Antitrust and Competition

The Political Footprint of Big Tech in Five Easy Charts

Francesco Trebbi
Big tech firms have been active in Washington since the early days of the Microsoft antitrust case, but in recent years they have increased...
Antitrust and Competition

Market Concentration, Regulation, and Europe´s Quest for a New Industrial Policy

Oscar Guinea
Weakening competition policy in Europe risks creating monopolies rather than industrial champions. An interventionist style of industrial policy, one that revolves around picking winners, has...
Regulatory Capture

Debunking Deregulation: Bank Credit Guidance and Productive Investment

Josh Ryan-Collins
Deregulated banking in rich countries delivers more “investment” in speculative asset markets, not productive businesses.     In academic and policy circles there is deep mistrust of...
Antitrust and Competition

When We Outsource Privacy Compliance, We May Undermine Privacy Protection

Ari Waldman
Privacy law is currently being shaped and implemented by a new industry of third-party tech vendors. These companies code their own interpretations of privacy...
Regulatory Capture

Self-Regulation and the Video Game Industry: A New Stigler Center Case Study

ProMarket writers
A new Stigler Center case study explores questions surrounding the ESRB, the self-regulatory body responsible for assigning age and content ratings to video games.  The debate...
Regulatory Capture

Schumpeter and Brexit: Same Old Story, Different Ending

Natasha Piano
Joseph Schumpeter wouldn’t have been surprised by Brexit, but would blame British elites for putting it to a referendum and then walking away from the...
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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.