Regulatory Capture Theory Essay Sample
This essay sample covers one of the debatable theories in an industry that is regulatory capture which describe as an agency dominated by the Singapore industries. The regulatory capture theory is also known as the capture theory that regulates the industries in the economy.
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Introduction- Regulatory Capture Theory Essay
The regulatory capture is an economic theory that plays a major role in influencing the market with the help of regulatory agencies. The regulatory agency was established to be dominated by the Singapore industries of interest. Supervision over such industries is necessary for the growth and development of the economy.
The current position of the Singaporean market is determined by the organization existing in the market and the regulatory agencies that established intending to govern. The benefits of establishing regulatory agencies reflect in the growth chart of the economy.
The strengthened economy is identified by the working mechanic of such agencies and how the regulation operation is exercised over the organization. Moreover, the Singaporean organization spends and secures a large amount of budget in persuading the regulatory agencies. Regulatory agencies rather than supervising the organization for public interest at large, address the organization’s rights.
This essay sample also covered the significance as well as loopholes of such regulatory agencies. The Singaporean organization spends large budgets to influence such regulators and is termed as the economic theory of regulation. There are regulations for the organization and such agencies keep an eye on the organization.
Main body- Regulatory Capture Theory Essay
The implication of regulatory capture theory
The theory is also known as the economic theory of regulation that provides the ways and techniques to govern the organization so that they work with the framework stipulated. Such Singaporean agencies are responsible for drafting the framework for regulation.
The regulatory capture theory describes how such agencies act in a way to interests the public at large and rather it starts regulating for benefit of the organization. Such regulatory agencies can be public or private and work for the benefit of citizens of the country.
The regulatory agencies introduce such norms and rules that not only benefitted the citizens but also work to protect the environment such as introducing pollution standards for the Singapore organization engaging in hazardous work.
On the other hand, certain industries in the market hold monopolies and dominate such regulatory agencies. Such Singaporean agencies turn to be known as captured agencies meaning thereby that such agencies in an indirect manner controlled by monopoly industries.
Does every regulatory agency is known to be captured agency?
It is not true to the full extent certain agencies that are indirectly controlled by industries as known as capture agencies. Such agencies may not affect the economy severely but laid down special emphasis on the rights of the citizens and affect public interest at large.
As such agencies indirectly corrupt the economy as a whole and the capture of such agencies emerged when the governmental body operates as a supporter of the Singaporean industries.
Moreover, the agency capture occurs when exerts working in the industry also serve in regulating the same in giver mental service. This is known as a revolving door that exists between the specialized interest and service rendered to the government.
Importance of Regulatory Capture
1. Yet, it is true that regulatory theory plays an indispensable role in the economy and encountered the same in history. It is expected universally that regulation for the existing industries also create barriers for the entry of new industry and imposes a cost.
2. Regulations are the rules that are required by the industries to comply and this makes the new firm’s entry controlled and restricted. A legal barrier is a strong barrier that enables the existing industries to set their monopoly in the economy and make the regulatory agencies a captured agency.
3. Many times the regulatory agency imposes certain restrictions in form of permission and fees that need to comply with existing as well as new entries. This makes the regulatory capture beneficial for the economy as well as for the growth of the country.
4. The significance of such regulatory agencies can’t be overlooked while maintaining the significance of regulations in the economy.
Examples of Regulatory agencies in the finance sector
In every country, there are regulatory agencies for various sector and one such core sector is financial that determine economy position. Such regulatory agencies not only regulate the financial institution in the country but also govern all the financial-related activities that take place in other industries.
From tax to budget, and from loans to incurred expenditure, such finance-related regulatory agencies are responsible for the financial stability of the economy and also framed start plans plan to overcome the financial crisis. Other examples where regulatory agencies played a crucial role are transportation, planning commission, electricity, energy in Singapore, etc.
However, certain economists the importance of regulatory captures theory, as they point out the deregulation aspect in regulatory agencies. Moreover, the economist also argues that such regulatory agencies failed in lobbying efforts.
In conclusion, the regulatory capture theory is a very important topic to address. It’s the idea that companies with large amounts of money will influence government regulators so they can continue their business practices without being held accountable for potential harm done to consumers or society as a whole. The essay has provided some great examples and explanations on how this happens in our current system today, but it doesn’t stop there. We must call attention to these issues–and by extension, fight against them–in order to protect ourselves from future harms that could be caused by regulatory capture due largely in part because we let it happen before. Do you have any thoughts about what should be done? Let us know below!
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