Economists use the term 'regulatory capture' to mean a situation where the private sector firms being regulated

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Regulatory capture occurs when a regulatory agency, created to act in the public interest, instead advances the commercial or political concerns of the industry it is supposed to be regulating. This often happens when the regulator becomes too cozy with the industry it regulates and starts to make decisions that benefit the industry rather than the public.

Economists Use the Term 'Regulatory Capture' to Mean a Situation