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Regulatory capture theory has a specific meaning, that is, an experience statement that regulations are beneficial for producers in real life. So it is essentially not a true regulatory theory. Although the analysis results are similar to the Stigler model, the methods are completely different.
Public interest theory claims that government regulation can improve markets, compensating for imperfect competition, unbalanced market operation, missing markets and undesirable market outcomes. Regulation can facilitate, maintain, or imitate markets. [3] Public interest theory is a part of welfare economics.
The rule of capture or law of capture, part of English common law [1] and adopted by a number of U.S. states, establishes a rule of non-liability for captured natural resources including groundwater, oil, gas, and game animals. The general rule is that the first person to "capture" such a resource owns that resource.
State capture is a type of systemic political corruption in which private interests significantly influence a state's decision-making processes to their own advantage.. The term was first used by the World Bank in 2000 to describe certain Central Asian countries making the transition from Soviet communism, where small corrupt groups used their influence over government officials to appropriate ...
Mark Tushnet, Critical Legal Theory (without Modifiers) in the United States, 13 (1) Journal of Political Philosophy 99 (2005). A.D. Woozley, No Right Answer, Ronald Dworkin and Contemporary Jurisprudence (M. Cohen, ed., London: Duckworth, 1984). Quentin du Plessis, Sources of Legal Indeterminacy, 138 South African Law Journal 115 (2021).
Discrimination is rather static in this sense. Elite capture is a manifested form of corruption, and social discrimination is a manifestation of a set of beliefs in a society. Elite capture and state capture are also similar because they are both related to deviation of public resources for private benefits, but differ in how power is exercised.
A 19th-century precursor of modern public choice theory was the work of Swedish economist Knut Wicksell, [10] which treated government as political exchange, a quid pro quo, in formulating a benefit principle linking taxes and expenditures. [11]
The legal origins theory claims that the two main legal traditions or origins, civil law and common law, crucially shape lawmaking and dispute adjudication and have not been reformed after the initial exogenous transplantation by Europeans. [1] Therefore, they affect economic outcomes to date. [1]