Incentives and Ideology

James Kwak, “Incentives and Ideology,” Harvard Law Review Forum 127, no. 7 (May 2014): 253–58


This is a response to Adam Levitin’s article, The Politics of Financial Regulation and the Regulation of Financial Politics: A Review Essay, 127 Harv. L. Rev. 1991 (2014). Levitin discusses various reasons for regulatory capture and highlights several potential solutions that aim to change the political governance of financial regulation. In this response, I highlight the importance of ideology (in this case, the ideology of free financial markets) in producing regulatory outcomes that are good for industry, and therefore the need for solutions that mitigate ideological capture.


Kwak (2014) Incentives and Ideology

Cultural Capture and the Financial Crisis

James Kwak, “Cultural Capture and the Financial Crisis,” in  Daniel Carpenter and David Moss, eds., Preventing Capture: Special Interest Influence in Legislation, and How To Limit It (Cambridge University Press, 2013)


Kwak (2013) Cultural Capture and the Financial Crisis (draft)