There has been much discussion in South Africa of state capture, which happens when private interests (more or less) commandeer a state. What I have never seen discussed, however, is regulatory capture. This happens when regulatory agencies are (more or less) commandeered, in favour of those they regulate. I speak on the basis of what I know is the case, not what I think is the case. It is a disaster, because the cream of the professions are no longer strictly accountable. OBSERVATION: I blogged about this more than a year ago: Buddy Protection Rackets (which is what a journalist friend calls them). The methods are quite simple, once one knows what they are.
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