Academic

THE ECONOMIST: Jonathan Chait?s Regulatory-Capture Denialism. ?I must say I?m dazzled by the audac?

By Glenn Reynolds

THE ECONOMIST: Jonathan Chait’s Regulatory-Capture Denialism. “I must say I’m dazzled by the audacity of Mr Chait’s claim that the ‘private capture of public functions’ is rare. My reading of the economic and political history of the United States is that regulation is very, very, very often turned into (or originally fashioned) as a weapon of business power. . . . Mr Chait’s regulatory-capture denialism is especially notable when the matter at hand is the Washington-Wall Street nexus, as the case for a significant degree of coprorate control over financial regulation is extremely compelling. Indeed, that this revolving door is so well-trafficked constitutes perhaps the most impressive piece of evidence that financial regulators are too bound up socially, professionally, and ideologically with their regulatees to offer impartial oversight in the public interest.” Indeed.

Full post as published by Instapundit.com on December 17, 2010 (boomark / email).