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Author: Herbert Hovenkamp Publisher: ISBN: Category : Languages : en Pages : 122
Book Description
Are large digital platforms that deal directly with consumers “winner take all,” or natural monopoly, firms? That question is surprisingly complex and does not produce the same answer for every platform. The closer one looks at digital platforms the less they seem to be winner-take-all. As a result, competition can be made to work in most of them. Further, antitrust enforcement, with its accommodation of firm variety, is generally superior to any form of statutory regulation that generalizes over large numbers.Assuming that an antitrust violation is found, what should be the remedy? Breaking up large firms subject to extensive scale economies or positive network effects is sure to be costly. In the past, structural relief of this type has led to lower output and higher prices or business firm failure. One likely exception is acquisitions of small firms that threaten to grow into substantial rivals.If breakup is not the answer, then what are the best antitrust remedies? Sometimes the best way to deal with platform monopoly is to break up ownership and management rather than assets. Leaving the platform intact as a production entity but making ownership more competitive could actually increase output, benefitting consumers, labor, and suppliers. The history of antitrust law is replete with firms that are organized as single entities for many legal purposes but that also function as combinations and can be treated that way by antitrust law. A second possibility is forced interoperability or pooling of important information, which can make markets more competitive while actually increasing the value of positive network externalities. Finally, this paper examines the problem of platform acquisition of nascent firms, where the biggest threat is not from horizontal mergers but rather from acquisitions of complements or differentiated technologies. For these, the tools we currently use in merger law are poorly suited. Here I offer some suggestions.
Author: Herbert Hovenkamp Publisher: ISBN: Category : Languages : en Pages : 122
Book Description
Are large digital platforms that deal directly with consumers “winner take all,” or natural monopoly, firms? That question is surprisingly complex and does not produce the same answer for every platform. The closer one looks at digital platforms the less they seem to be winner-take-all. As a result, competition can be made to work in most of them. Further, antitrust enforcement, with its accommodation of firm variety, is generally superior to any form of statutory regulation that generalizes over large numbers.Assuming that an antitrust violation is found, what should be the remedy? Breaking up large firms subject to extensive scale economies or positive network effects is sure to be costly. In the past, structural relief of this type has led to lower output and higher prices or business firm failure. One likely exception is acquisitions of small firms that threaten to grow into substantial rivals.If breakup is not the answer, then what are the best antitrust remedies? Sometimes the best way to deal with platform monopoly is to break up ownership and management rather than assets. Leaving the platform intact as a production entity but making ownership more competitive could actually increase output, benefitting consumers, labor, and suppliers. The history of antitrust law is replete with firms that are organized as single entities for many legal purposes but that also function as combinations and can be treated that way by antitrust law. A second possibility is forced interoperability or pooling of important information, which can make markets more competitive while actually increasing the value of positive network externalities. Finally, this paper examines the problem of platform acquisition of nascent firms, where the biggest threat is not from horizontal mergers but rather from acquisitions of complements or differentiated technologies. For these, the tools we currently use in merger law are poorly suited. Here I offer some suggestions.
Author: Robert Bork Publisher: ISBN: 9781736089712 Category : Languages : en Pages : 536
Book Description
The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
Author: Francesco Ducci Publisher: Cambridge University Press ISBN: 1108870007 Category : Law Languages : en Pages : 203
Book Description
Competition policy debates on digital platform markets are often premised on the idea that market fragmentation and the standard forces of competition and entry may provide a potential solution to excessive concentration and market power. In this work, Francesco Ducci provides readers with a different perspective based on the theoretical lens of natural monopoly. Ducci explores this framework through the development of three case studies on horizontal search, e-commerce marketplaces, and ride-hailing platforms, investigating the strength and limit of potential (and often heterogeneous) sources of natural monopoly at play in each industry. Building on these case studies, the book then derives from the application of the natural monopoly framework general policy implications for digital industries by identifying the respective institutional flaws and shortcomings of ex ante and ex post approaches to market power as one of the central challenges in digital platform markets.
Author: Jeffrey A. Eisenach Publisher: Springer Science & Business Media ISBN: 9401144079 Category : Business & Economics Languages : en Pages : 303
Book Description
Do the antitrust laws have a place in the digital economy or are they obsolete? That is the question raised by the government's legal action against Microsoft, and it is the question this volume is designed to answer. America's antitrust laws were born out of the Industrial Revolution. Opponents of the antitrust laws argue that whatever merit the antitrust laws may have had in the past they have no place in a digital economy. Rapid innovation makes the accumulation of market power practically impossible. Markets change too quickly for antitrust actions to keep up. And antitrust remedies are inevitably regulatory and hence threaten to `regulate business'. A different view - and, generally, the view presented in this volume - is that antitrust law can and does have an important and constructive role to play in the digital economy. The software business is new, it is complex, and it is rapidly moving. Analysis of market definition, contestibility and potential competition, the role of innovation, network externalities, cost structures and marketing channels present challenges for academics, policymakers and judges alike. Evaluating consumer harm is problematic. Distinguishing between illegal conduct and brutal - but legitimate - competition is often difficult. Is antitrust analysis up to the challenge? This volume suggests that antitrust analysis `still works'. In stark contrast to the political rhetoric that has surrounded much of the debate over the Microsoft case, the articles presented here suggest neither that Microsoft is inherently bad, nor that it deserves a de facto exemption from the antitrust laws. Instead, they offer insights - for policymakers, courts, practitioners, professors and students of antitrust policy everywhere - on how antitrust analysis can be applied to the business of making and marketing computer software.
Author: Dominick T. Armentano Publisher: Independent Studies in Politic ISBN: Category : Business & Economics Languages : en Pages : 324
Book Description
The stated purpose of antitrust laws is to protect competition and the public interest. But do such laws actually restrict the competitive process, harming consumers and serving the special interests of a few politically-connected competitors? Is antitrust law a necessary defense against the predatory business practices of wealthy, entrenched corporations that dominate a market? Or does antitrust law actually work to restrain and restrict the competitive process, injuring the public it is supposed to protect? This breakthrough study examines the classic cases in antitrust law and demonstrates a surprising gap between the stated aims of antitrust law and what it actually accomplishes in the real world. Instead of protecting competition, this book asserts, antitrust law actually protects certain politically-favoured competitors. This is an essential work for anyone wishing to understand the limitations and problems of contemporary antitrust actions.
Author: Amy Klobuchar Publisher: Vintage ISBN: 0525563997 Category : Business & Economics Languages : en Pages : 625
Book Description
NATIONAL BESTSELLER • Antitrust enforcement is one of the most pressing issues facing America today—and Amy Klobuchar, the widely respected senior senator from Minnesota, is leading the charge. This fascinating history of the antitrust movement shows us what led to the present moment and offers achievable solutions to prevent monopolies, promote business competition, and encourage innovation. In a world where Google reportedly controls 90 percent of the search engine market and Big Pharma’s drug price hikes impact healthcare accessibility, monopolies can hurt consumers and cause marketplace stagnation. Klobuchar—the much-admired former candidate for president of the United States—argues for swift, sweeping reform in economic, legislative, social welfare, and human rights policies, and describes plans, ideas, and legislative proposals designed to strengthen antitrust laws and antitrust enforcement. Klobuchar writes of the historic and current fights against monopolies in America, from Standard Oil and the Sherman Anti-Trust Act to the Progressive Era's trust-busters; from the breakup of Ma Bell (formerly the world's biggest company and largest private telephone system) to the pricing monopoly of Big Pharma and the future of the giant tech companies like Facebook, Amazon, and Google. She begins with the Gilded Age (1870s-1900), when builders of fortunes and rapacious robber barons such as J. P. Morgan, John Rockefeller, and Cornelius Vanderbilt were reaping vast fortunes as industrialization swept across the American landscape, with the rich getting vastly richer and the poor, poorer. She discusses President Theodore Roosevelt, who, during the Progressive Era (1890s-1920), "busted" the trusts, breaking up monopolies; the Clayton Act of 1914; the Federal Trade Commission Act of 1914; and the Celler-Kefauver Act of 1950, which it strengthened the Clayton Act. She explores today's Big Pharma and its price-gouging; and tech, television, content, and agriculture communities and how a marketplace with few players, or one in which one company dominates distribution, can hurt consumer prices and stifle innovation. As the ranking member of the Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights, Klobuchar provides a fascinating exploration of antitrust in America and offers a way forward to protect all Americans from the dangers of curtailed competition, and from vast information gathering, through monopolies.
Author: Deborah HAAS-WILSON Publisher: Harvard University Press ISBN: 0674038118 Category : Business & Economics Languages : en Pages : 251
Book Description
As millions of Americans are aware, health care costs continue to increase rapidly. Much of this increase in health care costs is due to the development of new life-sustaining drugs and procedures, but part of it is due to the increased monopoly power of physicians, insurance companies, and hospitals, as the health care sector undergoes reorganization and consolidation. There are two tools to limit the growth of monopoly power: government regulation and antitrust policy. In this timely book, Deborah Haas-Wilson argues that enforcement of the antitrust laws is the tool of choice in most cases. Focusing on the economic concepts necessary to the enforcement of the antitrust laws in health care markets, Haas-Wilson provides a useful roadmap for guiding the future of these markets.
Author: Jordan Ramsey Publisher: ISBN: Category : Antitrust law Languages : en Pages : 0
Book Description
Antitrust law is meant to promote competition by prohibiting anticompetitive business practices such as mergers and acquisitions as well as exclusionary conduct. Judicial interpretation of antitrust law has allowed dominant digital platforms to undertake anticompetitive actions without prosecution. The Sherman Antitrust Act should be amended to remove the monopoly power standard that allows firms to engage in anticompetitive conduct as long as the conduct does not create or uphold monopoly power. The amendment would make anticompetitive conduct illegal regardless of monopoly power, as long as six proof requirements are met. This would result in lessened market concentration, which would benefit technological innovation and the economy, American technological leadership, and the free flow of information.
Author: United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust and Monopoly Publisher: ISBN: Category : Antitrust law Languages : en Pages : 484
Author: Dominick T. Armentano Publisher: John Wiley & Sons ISBN: Category : Law Languages : en Pages : 314
Book Description
An indictment of antitrust policy, illustrating that the laws have not been employed against monopolies, but have been used to restrain and restrict the competitive process.
Author: Herbert Hovenkamp
Author: Herbert Hovenkamp
Author: Robert Bork
Author: Francesco Ducci
Author: Jeffrey A. Eisenach
Author: Dominick T. Armentano
Author: Amy Klobuchar
Author: Deborah HAAS-WILSON
Author: Jordan Ramsey
Author: United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust and Monopoly
Author: Dominick T. Armentano