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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 Solution to the Auditing Industry’s Oligopoly Problem? More Competition

Karthik Ramanna
The UK’s reviews of the Big Four auditing firms have largely adopted an approach of more regulation and government oversight. This approach is not...
ESG, Corporate Governance & Future of the Firm

“Short Sellers Don't Exist to Fix the Problems. They Exist to Shed Light on the Problems”

Guy Rolnik
In an interview with ProMarket, Fahmi Quadir, the short seller whose bet against Valeant in 2015 helped expose the company's misdeeds, talks about short...
Antitrust and Competition

One Year After the Net Neutrality Repeal: the FCC Has Abdicated Its Role Protecting Consumers and Competition

Gigi Sohn
Every promise made by broadband providers and every reason cited by the FCC in its decision to eliminate the net neutrality rules has proven...
Academic Capture

“US Regulators Have Essentially Become Do-Nothing Institutions”

Asher Schechter
In an interview with ProMarket, Jonathan Tepper talks about the rise of America’s oligopoly problem, why he believes antimonopoly is not a left-right issue,...
Academic Capture

Mercenary Science: How Corporate Partnerships Can Corrupt Public Universities

Joshua Hunt
UC Berkeley’s disastrous partnerships with Novartis and BP are cautionary examples of all that could go wrong when public universities allow private interests to...
Antitrust and Competition

Subsidies to Amazon Are Uneconomical, Un-American, and Unconstitutional

Luigi Zingales
Corporate subsidies are a negative-sum game. They foster crony capitalism, hurt productivity growth and inflict great harm on product market competition. As soon as Amazon announced...
Regulatory Capture

Ten Years After the Financial Crisis: “We Are Safer, But Not As Safe As We Should and Could Be”

Thom Wetzer
Experts from academia and industry gathered at the University of Oxford to revisit what went wrong in the run-up to the 2008 financial crisis,...
Antitrust and Competition

“In the Wake of the 2008 Crisis, You Can't Ignore the Influence of Big Business on Economic Policy”

Asher Schechter
Historian and author Adam Tooze talks to ProMarket about how the financial crisis “remade” American capitalism, why the US response to the crisis was...
Regulatory Capture

Implicit Government Involvement In The Puerto Rican Debt Crisis

Bob Chirinko
Why were Puerto Rico's economic and financial troubles not reflected in its bond yields prior to its 2016 default? A Stigler Center working paper...
Money in Politics

Is Liberal Democracy Doomed? A Q&A With Yascha Mounk

Asher Schechter
Mounk, author of the recent book The People vs. Democracy: Why Our Freedom Is in Danger & How to Save It, talks to ProMarket about...
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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.