Regulatory capture is entirely the fault of the regulator. They don't have to be captured. They choose to be. A government body, funded by taxes, that decides to be captured, is a complete disgrace. People work hard to pay taxes, and they shouldn't be spent on employing people who choose to align with those they should be regulating.
> Prevention is cheaper than treatment, especially when treatments have proven so ineffective.
The same state that has the power to prevent has the power to treat. It chooses not to. Switching approach won't help. Getting regulators to do their jobs will.
Anyone who has worked at large corporate bureaucracies knows they are just as slow and rule bound as government departments and in many ways worse. At least there are some well motivated people in government.
Government is us. The people. We’ve delegated it to an elite class that gets more and more cut off from the common politik as time goes by.
I see no easy solution . Power does not willingly give up power.
Companies with more resources than small countries are often too big to regulate because they capture the regulators and/or the judiciary.
Prevention is cheaper than treatment, especially when treatments have proven so ineffective.