The Abolition of Antitrust asserts that antitrust laws-on economic, legal, and moral grounds-are bad, and provides convincing evidence supporting arguments for their total abolition. Every year, new antitrust prosecutions arise in the U.S. courts, as in the cases against 3M and Visa/MasterCard, as well as a number of ongoing antitrust cases, such as those involving Microsoft and college football's use of the Bowl Championship Series (BCS). Gary Hull and the contributing authors show that these cases-as well as the Sherman Antitrust Act itself-are based on an erroneous interpretation of the history of American business, premised on bad economics. They equivocate between economic and political power-the power to produce versus the power to use physical force. For Hull, antitrust prosecutions are based on a horrible moral inversion: that it is acceptable to sacrifi ce America's best producers. The contributors explain how key antitrust ideas, for instance, "monopoly," "restraint of trade," and "anticompetitive behavior," have been used to justify prosecution, and then make clear why those ideas are false. They sketch the historical, legal, economic, and moral reasoning that gave rise to the passage and growth of antitrust legislation. All of the theoretical points in this volume are woven around a number of fascinating cases, both historical and current-including the Charles River Bridge, Alcoa, General Electric, and Kellogg/General Mills. Designed for the uninformed but educated layman, The Abolition of Antitrust makes positive arguments in defense of wealth creation, business, and profi t, explains the proper role of government, and offers a rational view of the meaning of contract and economic freedom. AldineTransaction www.transactionpub.com ISBN: 978-1-4128-0502-5 Library of Congress: 2004058124 Printed in the U.S.A. Cover design by Ellen F. Kane "The essays in this book present a sustained economic, historical, moral, and legal broadside against the various federal statutes known as antitrust doctrine. They explode the cherished myths underlying the antitrust laws, and expose their intellectual fountainhead in a morality of self-sacrifice that is incompatible with individual rights, free enterprise, and objective law. With the publication of this text, businessmen, lawyers, economists, policymakers,legislators, and judges finally have access to a systemic critique of the antitrust laws. From here on, if antitrust continues to violate the rights of businessmen and to ravage the American economy, it is not for lack of knowing how and why."-Adam Mossoff, assistant professor of law, Michigan State University College of Law.

This book provides an introductory but thorough guide to EU competition law, covering the underlying economics, and the key substantive areas of anticompetitive agreements (Article 81), abuses of dominance (Article 82), the application to the most common types of commercial agreement, state aids, state measures limiting competition and mergers. It also examines the procedures under which the relevant competition authorities apply the rules, private enforcement of the rules before the courts, and minimising risk by implementing a compliance programme. The emphasis is practical rather than theoretical: the authors are practitioners in the field of competition law and economics, with many years' individual and collective experience in the area. This will be an essential reference tool for practitioners, academics and students of EU Competition Law.

Economic regulation in the telecommunications sector can be performed through economy-wide instruments, such as antitrust law and antitrust authorities, or through sector-specific instruments, such as telecommunications regulation and regulatory authorities. Relying on a comparative analysis of five countries, the present book seeks to shed some light on the respective roles of both types of instruments in liberalized telecommunications markets.

As market competition replaces state regulation in many economic fields, competition policy has become an area of increasing significance. Against this background, Suzuki highlights the importance of the domestic political structure for competition policy. He does this through the comparative analysis of competition law reforms in Britain and Japan. He argues - controversially - that a country's domestic political structure should be considered a major factor in causing the reform of competition law, and rejects the established view that it is necessarily a result of changes in international economic and political conditions.

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A volume that takes stock and looks ahead on the development and implementation of competition policy in the European Union fifty years after the Treaty of Rome. Competition policy has emerged as a key policy in the EU with competition acting as the driving force for economic efficiency and the welfare of citizens. Case law has been established to control and prevent anti-competitve behavior, state aid control has consolidated and evolved towards a more economic approach, and the authority of the EC and the judicial review of the Court of the First Instance (CFI) and the European Court of Justice (ECJ) are firmly etsablished.
The book provides an economic approach to competition policy and reflects the main areas of interest, open issues and progress in the area. The volume examines the design of competition policy institutions, the evolution of the implementation of competition policy and its convergence or divergence with US practice, restrictive practices, cartels, abuse of dominance, merger control and state aids. The volume also analyses the interaction of competition policy and regulation, and studies its application to telecoms, banking and energy sectors. All chapters are written by leadfing specialists combining theoretical with practical knowledge and discussing the underpinings of the application of law.

Competition law belongs to the traditional core of Community internal market law and continues to play an important part in EU law and the case-law of the Court of First Instance and the Court of Justice of the European Communities. Competition law does not form a static and hermetic domain but should, perhaps now more than ever before, be seen in a broader context and as a dynamic area of law. The topics in this book include pure competition law issues, such as who should be held accountable and responsible for competition law infringements, when is a price so high that it becomes abusive, or the object or effect test under Article 82 EC. Moreover, they include competition law issues in a broader context, such as the influence of competition law on free movement rules, the application of competition law to international maritime transport, consumer interests in the application of competition law, unfair competition law and trade marks, confidentiality issues, the interplay between administrative law and competition law, or the principle of fiscal neutrality, not forgetting State aid issues. This book draws together contributions from well-known experts in EU law and competition law in particular, being either current or former members or referendaires at one of the Community Courts. It is a tribute to Judge Virpi Tiili, who, when leaving the Court of First Instance in autumn 2009, will be remembered for her long and outstanding contribution to the Court's case-law, notably in areas such as competition law and intellectual property law.

Industrial consolidation, digital platforms, and changing political views have spurred debate about the interplay between public and private power in the United States and have created a bipartisan appetite for potential antitrust reform that would mark the most profound shift in US competition policy in the past half-century. While neo-Brandeisians call for a reawakening of antitrust in the form of a return to structuralism and a concomitant rejection of economic analysis founded on competitive effects, proponents of the status quo look on this state of affairs with alarm. Scrutinizing the latest evidence, Alan J. Devlin finds a middle ground. US antitrust laws warrant revision, he argues, but with far more nuance than current debates suggest. He offers a new vision of antitrust reform, achieved by refining our enforcement policies and jettisoning an unwarranted obsession with minimizing errors of economic analysis.

Delving into export restrictive measures this book links the key areas of WTO law, public international law, investment and competition law to expose how and why WTO rules on export dimension are insufficient due to export bias; how public international law helps to justify their adoption or maintenance; and how investment and competition laws contribute to their regulation. Built on works on accession protocols and national security exceptions, this book goes beyond international trade law and looks into international political economy, competition and investment law. It contributes to debates in conceptualising public and private forms of export restrictions, appreciating the complementary nature of trade and competition law in disciplining them; capturing the dynamic between trade and investment policies for their effectuation and circumvention; and bridging trade law and public international law to better understand their impositions for political and diplomatic purposes with the invocation of the national security justification.

This book offers a comprehensive introduction to the developmental history and structural framework of Chinese competition law from a law and economics perspective. It examines the philosophical foundations, the substantive law, and enforcement issues concerning competition law and policy in China by pursuing an economic and comparative approach. Further, the book presents and analyzes competition cases involving monopolistic agreements, abuse of dominant position, and concentration. The book will help professionals and business practitioners to understand the distinct features of competition law and policy in China, and how the substance and enforcement of the law can be compared with competition regulations in the US and EU from an economic perspective. Given its scope, it offers a valuable guide for academic, public sector and professional audiences alike, and will appeal to researchers, students and anyone with an interest in economic law and policy in China. The book can also be used as reading material to accompany courses such as China's Competition Law and Policy, Comparative Competition Law, and Market Regulation in China for foreign students studying Chinese law and policy at the undergraduate, graduate and doctoral levels.

Law, Liberty, and the Competitive Market brings the clash between law and legislation to the attention of economists and political scientists. It fills a void and offers a series of texts that have not previously been translated into English. This anthology connects various articles by Leoni on economics and law with the objective of emphasizing how much Leoni's own theory in the juridical environment was influenced by reflection on authors of the Austrian school--from Carl Menger to Ludwig von Mises, from Friedrich von Hayek to Murray N. Rothbard.The essays dealing with economics help us understand how many of Leoni's positions were libertarian. A careful reader of Mises, Leoni often ends up by assuming positions that are even more anti-state than those of the Austrian economist (concerning monopolies, for example). It is significant that in the 1960s his thought was influenced by Rothbard. The very critiques that he addresses to normativism and to analytical philosophy contain strong ideological elements, as they move from the awareness that legal positivism leads to statism and philosophical relativism to acquiescence in the face of power.Studying the market economy, Leoni perceives opposition between spontaneous order and planning. In this way, he understands how such a contrast is significant for the origins of norms. Leoni's idea of a law able to protect individual liberty has its roots in the market. Thus, the market is at the same time the model he uses to conceive the legal order and an institution fundamental for the service of civilization, which the law is called to protect. This is an important work by a figure only now being recognized as a pioneer in the field of economics and an innovator in political theory.

Europe is increasingly becoming an everyday reality for many companies, not only for large corporations but small and medium-sized enterprises as well. European Competition offers students an introduction to the field of competition, cooperation and competition policy in the EU. To increase students' understanding of the workings of the Internal Market, most chapters start with case-studies. The book focuses on the subject areas economics and law and is written from both a business and a social/legal perspective. The book consists of the following topics: Competition and Competition Policy (including regulations and distortion of competition) Micro economic theory like prisoner's dilemma Market Dominance and Competition Policy Cooperation; Cartels & Strategic Alliances Legal Aspects of Cooperation Mergers & Acquisitions European Competition Law in an International Perspective EU competition & State Aid European Competition is an essential introductory textbook for students at both undergraduate and graduate levels in a wide range of degree and professional programmes. Including Economics, MBA and Law. It is of particular relevance to students interested in the European context of these disciplines and can be used as a core textbook for courses in European Integration or Business and International Environment in Europe and other parts of the world. This text is complementary to the book European Business Environment.

State aid policy is based upon the principle of European Community supervision of assistance granted by the Member States, or through State resources in whatever form. It threatens to distort competition by favouring certain undertakings or the production of certain goods. This volume deals with the question how an appropriate balance can be struck between trade liberalization and the role of the State in the economy.

Asian Capitalism and the Regulation of Competition explores the implications of Asian forms of capitalism and their regulation of competition for the emerging global competition law regime. Expert contributors from a variety of backgrounds explore the topic through the lenses of formal law, soft law and transnational regulation, and make extensive comparisons with Euro-American and global models. Case studies include Japan, China and Vietnam, and thematic studies include examinations of competition law's relationship with other regulatory terrains such as public law, market culture, regulatory geography and transnational production networks.

The book provides an overview of EU competition law with a focus on the main developments in Italy, Spain, Greece, Poland and Croatia and offers an in-depth analysis of the role of language, translation and multilingualism in its implementation and interpretation. The first part of the book focuses on the main developments in EU competition law in action, which includes legislation, case law and praxis. This part can be divided into two subparts: the private enforcement of EU competition law, and the cooperation among enforcers, i.e. the EU Commission, the national competition authorities and the national courts. Language is of paramount importance in the enforcement of EU competition law, and as such, the second part highlights legal linguistic skills, showcasing the advantages and the challenges of multilingualism, especially in the context of the predominant use of English as the EU drafting and vehicular language. The volume brings together contributions prepared and presented as part of the EU-funded research project "Training Action for Legal Practitioners: Linguistic Skills and Translation in EU Competition Law".

What rules or principles govern the assessment of evidence in EU competition enforcement? This book offers, for the first time, a comprehensive academic study on the topic. Its aim is twofold. Firstly, it produces a typology of evidence standards in competition proceedings at the EU level, thereby systemising the guidance that is currently dispersed in the case-law of the EU Courts. Secondly, it examines the applicable evidence rules and principles with a view to better understanding their role in EU competition enforcement. In so doing, the book illustrates that evidence standards are not mere technicalities and their significance should not be underestimated. Rigorous and engaging, this work provides a much-needed analysis of a key question of EU competition enforcement.

Can a price ever be too low? Can competition ever be ruinous? Questions like these have always accompanied American antitrust law. They testify to the difficulty of antitrust enforcement, of protecting competition without protecting competitors. As the business practice that most directly raises these kinds of questions, predatory pricing is at the core of antitrust debates. The history of its law and economics offers a privileged standpoint for assessing the broader development of antitrust, its past, present and future. In contrast to existing literature, this book adopts the perspective of the history of economic thought to tell this history, covering a period from the late 1880s to present times. The image of a big firm, such as Rockefeller's Standard Oil or Duke's American Tobacco, crushing its small rivals by underselling them is iconic in American antitrust culture. It is no surprise that the most brilliant legal and economic minds of the last 130 years have been engaged in solving the predatory pricing puzzle. The book shows economic theories that build rigorous stories explaining when predatory pricing may be rational, what welfare harm it may cause and how the law may fight it. Among these narratives, a special place belongs to the Chicago story, according to which predatory pricing is never profitable and every low price is always a good price.

This timely work examines the interplay between intellectual property protection and antitrust rules in the communications industry, with particular focus upon the role of externalities in that interplay. There is substantial discussion of the innovation process and of how companies leverage their intellectual property rights in order to obtain market leadership. Particular emphasis is also placed upon how legal doctrines have developed to cope with these issues, and related economic analysis is also discussed.

Competition policy-encompassing cartels, monopolies, mergers and state aid-is a hallmark of the European Union (EU). In recent decades, the EU's competition policy has evolved under pressures from globalization. The EU in turn has been a key actor driving the globalization of the world economy through its increasingly active competition policy. This volume identifies and explores the major transformations that EU competition policy has undergone in the last decade in response to various pressures related to globalization, in particular, economic interdependence, the proliferation of national and regional competition regimes, and the financial and economic crisis. The individual chapters, written by specialists of EU competition policy from both sides of the Atlantic and from the perspectives of political science, management and public policy, investigate how the EU has responded to these challenges in each area of competition policy, and demonstrate that it has, on balance, been quite successful in responding to them, with some exceptions in the areas of state aid and mergers. This book was published as a special issue of the Journal of European Integration.