Abstract

In The Regulated Economy: A Historical Approach to Political Economy, Claudia Goldin and Gary D. Libecap use case studies to defend and expand upon the notion that elements of civil society—“special interests”—manage to “capture” government regulators and make the state serve their selfish ends. The evidence of the case studies themselves, however, and the occurrence of such anomalies as the deregulatory movement, suggest that government actors often enjoy considerable autonomy in regulating civil society, and that readily manipulable currents in public opinion are also important.