The Captured Economy
The socio-economic and political wellbeing of community members relies on the effectiveness and freedom of the existing economic system and sector. It allows individuals to access the goods and services they need and engage in transactions. The significance of the financial system creates an enabling environment for the production and transfer of goods and services between members of the community (Lindsey and Teles 7). The enabling environment also supports creating new job opportunities; thus, it gives the community members the chance to exercise their right to work and build their life responsibly. However, a captured economy focuses on creating limited opportunities for a limited number of people gives a socio-economic and political advantage to the selected people at the expense of a larger population. Therefore, it leads to disproportionate socio-economic development in society (Lindsey and Teles 8). Economic capturing leads to the poor and non-supportive business environment that leads to insufficient occupational licensing and the socio-economic demarcation of individuals into zones to facilitate control.
The effectiveness of the local and international business arrangement exists where the government and other stakeholders exercise limited control since it allows for creating an enabling environment for business transactions. However, the need to espouse the wellbeing of a more significant proportion of the population may prompt the government to initiate limited and checked control in business operations (Lindsey and Teles 37). Therefore, the government starts and implements measures that monitor business operations to ensure that the parties engage in transparent and ethical business. The government also provides an enabling environment for business transactions, such as creating well-connected and effective communication and transport network systems (Lindsey and Teles 39). Limited control of business transactions by the government and other stakeholders endeavor to create an enabling environment for executing business transactions.
Limited control by the government ensures business transactions occur in a supportive environment that gives each individual the opportunity to transact and grow their business. However, the government may initiate and implement non-supportive and restrictive ideologies that limit the need to create an enabling environment for business transactions (Lindsey and Teles 40). Regulatory capture refers to a situation where government initiatives curtail the potential to create an enabling environment for business transactions. Regulatory capture interferes with the concept of a free market since it allocates more power in the hands of a few members of society at the expense of a larger population (Lindsey and Teles 41). The economic growth of a country lies in creating an environment that supports the business endeavors of all members of society.
The exercise of regulatory capture involves selecting a small number of individuals with whom the system works at the expense of a larger population for socio-economic and political benefit. Regulatory capture breeds corruption; thus, it pollutes the environment and limits the possibility of establishing an economic environment that keeps the interest of all members of society at heart (Lindsey and Teles 44). Regulatory capture occurs where state authorities favor the interest of producers at the expense of the interests of consumers (Lindsey and Teles 46). The ability of a selected group to initiate and implement significant lobbying power denies other players the potential to engage in negotiations.
Negative Impacts of Regulatory Capture
The government’s success in exercising its regulatory mandate lies in creating an enabling environment that ensures each individual enjoys equal access to opportunities. However, regulatory capture leads to unequal development in society since it gives more options to a few people at the expense of the larger populace (Lindsey and Teles 47). Regulatory capture limits the potential for the government to effectively fight the continuously spreading cases of unequal socio-economic and political development in the country. It hands over power to a selected group of individuals who amass wealth at the expense of the larger community (Lindsey and Teles 47). The government participates in business by creating an enabling environment that supports investment initiatives by members of society.
Regulatory measures by the government endeavors to develop, implement, and enforce laws that ensure business entities operate in an enabling and supportive environment. The regulations focus on guiding business operations through ethical means to ensure that members of society remain considerate in their pursuit of socio-economic growth (Lindsey and Teles 49). However, regulatory capture creates an environment that supports anarchy since it promotes breaking laws and regulations that endeavor to enhance interaction between business entities. Regulatory capture interferes with the potential for effective revenue collection; thus, it denies the government the opportunity to create a supportive environment for business transactions (Lindsey and Teles 56). Government develops and implements laws to facilitate the creation of an environment that supports business.
Corruption denies the government the potential to provide adequate transport and communication networks to the people since it lowers the value of the resources for socio-economic development. Regulatory capture rides on the backdrop of corrupt deals between suppliers and government agencies that collect revenue (Lindsey and Teles 58). Studies also reveal that governments largely depend on collecting payment to access the resources to implement socio-economic development programs. However, corrupt deals that arise from regulatory capture denies the government the opportunity to effectively collect adequate taxes for development purposes (Lindsey and Teles 61). The provision of critical services such as efficient transport and communication networks depends on the ability of the government to collect adequate revenue for socio-economic development.
The Effects of Regulatory Capture in the Expansion of Occupational Licensing in the U.S.
The United States of America remains one of the globally acknowledged free markets because the government takes a particular interest in creating an enabling environment for business transactions. The government ensures that all the players enjoy access to equitably distributed resources that support individual endeavors for business operations (Lindsey and Teles 93). One of the crucial methods of government participation involved introducing occupational licensing to ensure that suppliers legally transacted during business interactions. The effectiveness of occupational licensing enables the government to regulate businesses by eliminating illegal suppliers from the market (Lindsey and Teles 94). The existence of the free market system in the United States enables the country to support critical business transactions.
The success of occupational licensing in the regulation of business transactions prompted the government to organize measures that would expand other sectors of the economy. Studies reveal that the system continues to suffer setbacks because of the rising cases of regulatory capture (Lindsey and Teles 95). Suppliers use their connections to evade government enlisting through corrupt deals that limit the potential for the government to collect revenue. Regulatory capture creates an enabling environment for the perpetuation of corrupt values since it involves using illegal strategies that ensure suppliers receive greater attention from the government at the expense of consumers (Lindsey and Teles 95). The government uses occupational licensing to participate in business through effective regulation of operations.
The effectiveness of government initiatives and policies lies in the ability of government agencies to not only research and generate data but also to use the data to forge reasonable and practical measures that address market challenges. Regulatory capture relies on corrupt activities and forgery of information; thus, it denies the government adequate and essential information to facilitate planning and implementing occupational licensing initiatives (Lindsey and Teles 96). The United States of America government suffers regular setbacks in the push for planning since the existing information does not offer a credible representation of the actual figures on the ground (Lindsey and Teles 96). Limited information prevents the government from its effort to plan and effectively address market challenges.
The Effects of Regulatory Capture in Zoning Laws and Housing.
The United States of America government resorted to zoning because it offered an opportunity to regulate and control the property market by ensuring that legally mandated agencies sold properties. Zoning enabled the government to ensure the development of complementary uses for the pieces of land in society (Lindsey and Teles 111). It also allowed the government to mitigate the issues of the inability to afford available land and houses by a section of members of the society. However, rising cases of regulatory capture threatened the potential for the realization of the primary objective of zoning (Lindsey and Teles 111). Regulatory capture limits the effectiveness of government intervention in initiatives that endeavor to regulate the sale of land and houses by legally approved agencies.
The government introduced the zoning system to regulate and control property sale since it promised to eliminate fraud and unproportionate land and property transactions. The rise of regulatory captures in the United States of America led to the emergence of fraudulent firms and agents because of the refusal to go through the legal registration procedures (Lindsey and Teles 113). Illegally operating agents sold a property at unfairly high prices that denied members of the community the chance to purchase and own houses and homes. Studies reveal an increase in the number of fraudulent cases because of the difficulty to regulate non-registered agents and agencies (Lindsey and Teles 113). The zoning system allowed the government to regulate and control transactions in land and other related properties.
The United States of America government developed the zoning system to mitigate housing issues since it facilitated creating an enabling environment for assisting lower-income households in getting adequate housing facilities. Studies reveal that families in the United States of America could not afford suitable housing facilities since uncouth agents charged unrealistically high prices for the housing units (Lindsey and Teles 114). Regulatory capture further diminished the potential by the government to mitigate the problem of inadequate housing to ensure the collective benefit of all members of the society. Regulatory capture led to the emergence of illegal agents who sold a property at unreasonably high prices; thus, it denied deserving groups the opportunity to acquire legal properties (Lindsey and Teles 116). The zoning system endeavored to address the housing issues faced by citizens of the United States of America by providing lower-income households.
Economic capturing interferes with the potential for government intervention measures to address occupational licensing issues and the realization of regulation and control of zoned areas. Efforts by the government to eliminate exploitative pricing continues to fail since regulatory capture continues to create an enabling environment for the exploitation of consumers. Regulatory capture translates to an influential group of suppliers who exploit consumers since they experience favoritism from government agencies. The government should encourage research to facilitate practical mitigation measures that eliminate exploitation cases perpetrated by suppliers against consumers. Regulatory capture affects a significant aspect of the socio-economic and political environment.
Lindsey, Brink, and Steven Teles. The Captured Economy: How the Powerful Become Richer, Slow Down Growth, and Increase Inequality. Oxford UP, 2017.
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