Captured Economy

Systematic breakdowns in democratic governance have allowed wealthy special interests to capture broad domains of the policymaking process and twist the rules for their benefit. Steadily worsening “upward redistribution” via “regressive regulation” has contributed significantly to the American economy’s twin woes of stagnating growth and sky-high inequality.

We propose policy changes to improve the functioning of American capitalism – by providing necessary public goods and sharpening incentives for entrepreneurship, competition, and innovation. But first, we must attend to the complex task of rooting out dysfunction. The object of reform here is reversing regulatory capture in key policymaking domains – including finance, health care, housing, and intellectual property – and unwinding the massive misallocations of resources that it has produced.

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