You make a good point here that it's not obvious if it's the tail wagging or the dog. I suspect it's both. This paper may be interesting further reading on the

You make a good point here that it's not obvious if it's the tail wagging or the dog. I suspect it's both. This paper may be interesting further reading on the topic of regulatory moats specifically. (I saw your comment below discussing regulatory capture vs this specific subset of capture.) https://www.nber.org/papers/w26001?sy=001&fbclid=IwAR0oYZBL3CCv9Hrmed6mfgoaLNbgJWrjvHvinchUxV9UElz_pXaxxwQ7Bcs https://www.nber.org/papers/w26001?sy=001&fbclid=IwAR0oYZBL3...