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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

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....
Regulatory Capture

It Takes a Village to Maintain a Dangerous Financial System: Q&A with Anat Admati

Guy Rolnik
Stanford professor Anat Admati discusses her new paper, in which she explains how a mix of distorted incentives, ignorance, confusion, and lack of accountability contributes to...
Regulatory Capture

Attorneys General for Sale? We Should Focus on the Practice, Not Just on Trump’s Role

Roy Shapira
Trump is not the only, nor the biggest, player in the game of influencing attorneys general. Singling him out for opprobrium is aiming at the...
Regulatory Capture

Stigler Center Talk: Deutsche Bank Whistleblower on the SEC and Revolving Doors

ProMarket writers
Eric Ben-Artzi, the former Deutsche Bank risk officer turned whistleblower who rejected a multi-million dollar award from the SEC, will give a talk at...
Regulatory Capture

Are Special Interests Dooming the Euro to Fail?

Asher Schechter
As the Eurozone struggles to stave off a lingering economic crisis, four economists debate the measures necessary to ensure its survival and what’s preventing...
Regulatory Capture

Capture and Ignorance in Financial Regulation

Mark Calabria
The most fruitful avenue for reducing regulatory capture is to impose more checks-and-balances on our agencies, reversing recent trends toward expediency. After spending some years...
Regulatory Capture

Meet the Sugar Barons Who Used Both Sides of American Politics to Get Billions in Subsidies

Guy Rolnik
Meet the Florida-based Fanjul brothers, who inject money to both political parties and dominate an industry that enjoys billions of dollar's worth of subsidies and protections.  Last week,...
Regulatory Capture

Certificate of Need Laws Show Entry Barriers Can Raise Spending

James Bailey
In most states, health care providers who seek to open a new hospital must obtain a “certificate of need” (CON) from a state board certifying...
Regulatory Capture

Why is Medical Marijuana Still Not Accepted in All 50 States? Ask George Stigler

Asher Schechter
A new working paper by University of Georgia researchers shows that medical marijuana leads to sharp drops in the number of prescriptions for...
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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.