Who Captures Whom? The Case of Regulation

The Chicago School of economics favored and still favors the theory of “regulatory capture,” writes Michael Rozeff. Under this theory, an industry or some portions of an industry cultivate government to obtain laws and rules that favor the industry. The government trades favors for what it wants. But there is more to the story. The government not only baits the trap; it also attempts to crush market substitutes that spring up in response to quality declines.

Let’s Go Green and Watch the Market Value Tumble

The Competitive Enterprise Institute’s Steven Milloy has just published another great column. In “Green CEOs Bad for Business,” Milloy singles out the two worst corporate executives in the here and now: Bill Ford - who was just dumped, this week, as Ford’s CEO - and John Browne of BP. Both Browne and Ford actually despise the products they churn out. Or rather, they play to the environmentalists while they publicly denounce their respective companies and the market roles they play.