It is possible to argue that capture of regulators is inevitable, and that a case can therefore be made in favour of reducing formal regulation, and encouraging self regulation and promoting principles-based regulation. On the contrary, there is a widespread feeling that those were the very prescriptions that brought about the global financial crisis.
For example, between 1988 and 2012 Uganda’s economic growth averaged 7 percent; industry value added as a percentage of GDP increased from 10.2 percent to 25.4 percent; the share of value added in agriculture as a percentage of GDP decreased from 56.7 percent to 23.4 percent; value added in services as a percentage of GDP rose from 33.1 percent to 51.2 percent.