regulatory capture

Definition

When government agencies created to regulate industries become dominated by the very interests they're supposed to control, turning watchdogs into lapdogs. The fox doesn't just guard the henhouse—it gets appointed henhouse inspector.

Example Usage

Critics argued the FCC suffered from regulatory capture, with former telecom executives writing rules that benefited their former employers.

Origin

Identified by economist George Stigler in his 1971 article 'The Theory of Economic Regulation,' earning him a Nobel Prize.

Fun Fact

The revolving door between regulatory agencies and industries is so common there's actually a cooling-off period in many countries before regulators can work for companies they oversaw.

Source: Regulatory policy terminology

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