The University of Warwick’s, Dr Mirko Draca launches his latest research on institutional corruption at the Social Market Foundation.
This is the first briefing paper in the Global Perspectives series which is a new collaboration between the SMF and Warwick’s Centre on Competitive Advantage in the Global Economy (CAGE).
Dr Draca’s paper investigates the extent to which political decision-making in the US and UK is affected by ‘institutional corruption’. He uses this term to describe the process by which a bad set of incentives (‘political money’) collides with our institutions to produce outcomes that favour special interests over public welfare. Empirical modelling of the US lobbying industry demonstrates a ‘revolving door’ in Washington and raises concerns about the efficacy of new legislation here in the UK.