I don’t care who does the electing, so long as I get to do the nominating.
— Boss Tweed.
Around 2010, I had a problem. My kid was just turning two, and finally starting to sleep through the night, which was a blessing, but then a mysterious company bought the building next door to our east London flat.
The building next door had been sitting empty for years, ever since a safety inspection determined that a) it was full of asbestos and b) it lacked a fire-exit. Either one of these made the building unfit for commercial or residential use, and the long-term tenants had moved into other office buildings in the neighborhood. Continue reading "Weak Institutions"
When neoliberal economists began dismantling the regulatory state under Ronald Reagan (a process that has continued without interruption under every president, Republican and Democrat, since), they insisted that they weren’t so much concerned with regulation, but rather, regulatory capture.
Today, the phrase “regulatory capture” gets thrown around by people of all political persuasions, and is understood in a colloquial sense, meaning something like, “a regulator who is beholden to its industry and therefor makes bad regulations that run counter to the public interest.”