And Here As Well

Libertarians are very fond of criticizing progressive regulatory schemes on the grounds that the regulated industries inevitably seize control of the regulatory apparatus and twist it to their own purposes (so-called “regulatory capture”). This is why enthusiasts for the common law like myself are such fans of the often-reviled tort approach to regulation: courts are almost impossible for a special interest to capture, in a free society. What libertarians fail to appreciate is that regulatory capture can happen in the private sector as well. Academics are not sensitive to this phenomenon, and can scarcely write about it, since being an academic, writing as an academic, and especially publishing as an academic, all embody the very phenomenon itself.

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