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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)

Commentary

Kevin Warsh’s Nomination Solidifies Wall Street’s Grip on the Federal Reserve

Franny Philos Sophia
If confirmed, Kevin Warsh would be the latest Federal Reserve chair whose career took place primarily on Wall Street rather than in academia. The ascent of Wall Street veterans in the Fed risks skewing monetary policy to favor large investors and the wealthiest, writes Franny Philos Sophia.
Commentary

Pakistan’s Real Estate Tycoons Have Captured the Media and the State

Hamza Azhar Salam
Hamza Azhar Salam discusses the recent history of real estate moguls in Pakistan buying up media outlets to influence government investigations against them and their properties and win access to powerful government offices. The moguls’ capture of the media has led to capture of the state.
Book Reviews

America Is Gambling Its Future Away

Matthew Lucky
Matt Lucky reviews Jonathan D. Cohen’s new book, Losing Big: America's Reckless Bet on Sports Gambling.
Antitrust and Competition

Do Firms Use Connections to the President To Avoid Antitrust Scrutiny?

Claire Liu
In new research, Claire Liu and Jared Stanfield examine how relationships between corporate leaders and the United States president enable firms to capture regulation and avoid antitrust scrutiny.
Regulatory Capture

The Politics of Fragmentation and Capture in AI Regulation

Filippo Lancieri
In new research, Filippo Lancieri, Laura Edelson, and Stefan Bechtold explore how the political economy of artificial intelligence regulation is shaped by the strategic behavior of governments, technology companies, and other agents.
Commentary

Delaware’s SB21 Continues 150 Years of Corporate Power and Regulatory Capture

Christina M. Sautter
Christina M. Sautter writes that the passage of Senate Bill 21, which rebalances power away from shareholders to corporate management, represents a 150-year-long development in corporate law spurred by regulatory capture that has removed countless restrictions on firm behavior.
Commentary

China Is Using Its Market Power To Influence Foreign Policymaking

Audrye Wong
Audrye Wong writes that China is able to use its market power to pressure foreign companies and business leaders—perhaps most notably Tesla CEO Elon Musk—to lobby on its behalf. The practice raises questions about foreign influence in American and European policymaking and the disproportionate clout of business and oligarchic interests.
Commentary

The Deafening Silence of Big Business in Washington

Wendy Li
Wendy Li writes that business leaders must rediscover past unity and put pressure on politicians to defend against President Donald Trump’s attacks on businesses and civil society and prevent democratic backsliding.
Regulatory Capture

For My Enemies, Tariffs; For My Friends, Exemptions

Veljko Fotak
New research from Veljko Fotak, Hye Seung Grace Lee, William Megginson, and Jesus Salas shows that the United States tariff exemption process during the...
Commentary

The False Crisis Pushing Delaware to Surrender Shareholder Rights

Alan Jagolinzer
Delaware lawmakers are being pressured to pass SB 21, a bill that would weaken shareholder protections and reduce judicial oversight of corporations. Alan Jagolinzer,...
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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.