The Federal Trade Commission, a US agency created in 1914 to police the problem of 'bigness', has evolved into the most important regulator of information privacy - and thus innovation policy - in the world. Its policies profoundly affect business practices and serve to regulate most of the consumer economy. In short, it now regulates our technological future. Despite its stature, however, the agency is often poorly understood by observers and even those who practice before it. This volume by Chris Jay Hoofnagle - an internationally recognized scholar with more than fifteen years of experience interacting with the FTC - is designed to redress this confusion by explaining how the FTC arrived at its current position of power. It will be essential reading for lawyers, legal academics, political scientists, historians and anyone else interested in understanding the FTC's privacy activities and how they fit in the context of the agency's broader consumer protection mission.

This concise and practical guide to the most important economic techniques and evidence employed in modern merger control draws on the authors' extensive experience in advising on European merger cases. It offers an introduction to the relevant economic concepts and analytical tools, and stand-alone chapters provide an in-depth overview of the theoretical and practical issues related to market definition, unilateral effects, coordinated effects and non-horizontal mergers. Each form of economic evidence and analysis is illustrated with practical examples and an overview of key merger decisions.

An indispensable work for competition lawyers in the UK, this book provides a comprehensive guide to all aspects of competition litigation, drawing on the wealth of combined experience of barristers. It covers both practice and procedure in the UK courts as well as the Competition Appeal Tribunal. All aspects of case work are covered from commencement of proceedings to remedies, quantum issues, costs, arbitration, mediation and criminal proceedings giving competition lawyers a full analysis of the litigation process. Fully updated in its second edition, coverage is updated to reflect the coming into force of the Treaty of Rome and the Treaty of Lisbon. Updates include coverage of a range of important new case law. Discussion is given of the AkzoNobel case denying privilege for in-house counsel communications; Emerald Supplies Ltd & Anor v British Airways Plc providing further guidance on representative actions in English courts; Cooper Tire & Rubber Company Europe Ltd and Others v Dow Deutschland Inc and Others setting out the jurisdiction of English courts in damages claims; and consideration in the BCL case of time limits under section 47A claims. Other cases considered include BAA v Competiton Commission and R v George & Others. The updated work also considers the increasing move towards electronic disclosure.

Investigating, dissolving, and punishing cartels is increasingly a top priority for the European Commission and for national competition authourities. This work offers the most up-to-date and comprehensive examination of the substantive law and procedure of EU competition law as it applies to cartels as well as to other horizontal agreements. This unique work supplies the views of both private practitioners and public enforcers. The private practitioners discuss their day-to-day experience and share the insights which they believe their fellow-practitioners should be aware of. The public enforcers act in tandem with the private practitioners and add in their contribution the specific points of attention which they recommend practitioners should take into account. The work sets out the ways in which a cartel is defined and organised, how a cartel may be detected and investigated, the issue of liability for cartels (including parental and successor liability), the various sanctions available to investigating authorities, and the prospects for private enforcement and damages actions brought by victims of cartels. It addresses the procedure before the European Commission and the European Courts. Finally, the book deals with information exchanges (including an economic perspective), joint R&D agreements, specialisation agreements and other common types of horizontal agreements like joint purchasing, joint selling and standardisation. Containing practical advice for practitioners, overviews of the various stages of cartel enforcement, procedural checklists, analysis of the most recent legislation including the new EU damages directive, and written by authors with extensive experience in advising the Commission's legal service in relation to competition law, this is the most comprehensive text available on cartels in EU competition law.

Florence Thepot provides the first systematic account of the interaction between competition law and corporate governance. She challenges the 'black box' conception of the firm- or 'undertaking' - in competition law, as applied to increasingly complex corporate relations. The book opens the 'black box' of the firm to understand the internal drivers of collusive behaviour, and proposes a unified approach to cartel enforcement, based on the agency theory. It explores key issues including corporate compliance programmes, the attribution of liability in corporate groups, and structural links between competitors, and should be read by anyone interested in how the evolution of the corporate landscape impacts competition law.

The most controversial area in competition policy is that of exclusionary practices, where actions are taken by dominant firms to deter competitors from challenging their market positions. Economists have been struggling to explain such conduct and to guide policy-makers in designing sensible enforcement rules. In this book, authors Chiara Fumagalli, Massimo Motta, and Claudio Calcagno explore predatory pricing, rebates, exclusive dealing, tying, and vertical foreclosure, through a blend of theory and practice. They develop a general framework which builds on and extends existing economic theories, drawing upon case law, discussions of cases and other practical considerations to identify workable criteria that can guide competition authorities to assess exclusionary practices. Along with analyses of policy implications and insights applied to case studies, the book provides practitioners with non-technical discussions of the issues at hand, while guiding economics students with dedicated technical sections with rigorous formal models.

This book examines reforms in company and takeover law, crucial to modern business and economics. Reform activity is underway in the UK, Germany, France, Italy, and most other member States of the European Union. In addition, the EU is developing its own rules and reform plans. The European 13th directive was enacted in December 2003- this requires modifications of member State takeover law. The European Commission has outlined the company law action plan which will lead to important directives from 2004 to 2010. This book is the first to deal comprehensively with both the 13th directive and the EU company law action plan, providing commentary on the action plan, and critically assessing what the future may hold. The takeover law provisions in the 13th directive, including the 'break-through' rule and the controversial level playing field for takeover activities amongst European member states and between them and the United States are examined. The contributions also address a wide range of topical issues including corporate disclosure, board structure, the role of non-executive and supervisory directors, remuneration of directors, responsibility of the management and the board, personal liability of board members, auditors, and conflicts of interest. The company law action plan and the two reports of the High Level Group of Company Law Experts upon which the plan was based are reproduced in full in a useful annex.

European Commission Decisions on Competition provides a comprehensive economic classification and analysis of all European Commission decisions adopted pursuant to Articles 101, 102 and 106 of the FEU Treaty from 1962 to 2009. It also includes a sample of landmark European merger cases. The decisions are organised according to the principal economic theory applied in the case. For each economic category, the seminal Commission decision that became a reference point for that type of anticompetitive behaviour is described. For this, a fixed template format is used throughout the book. All subsequent decisions in which the same economic principle was applied are listed chronologically. It complements the most widely used textbooks in industrial organisation, competition economics and competition law, to which detailed references are offered. The book contains source material for teachers and students, scholars of competition law and economics, as well as practising competition lawyers and officials.

The regulation of innovation and the optimal design of legal institutions in an environment of uncertainty are two of the most important policy challenges of the twenty-first century. Innovation is critical to economic growth. Regulatory design decisions, and, in particular, competition policy and intellectual property regimes, can have profound consequences for economic growth. However, remarkably little is known about the relationship between innovation, competition, and regulatory policy. Any legal regime must attempt to assess the tradeoffs associated with rules that will affect incentives to innovate, allocative efficiency, competition, and freedom of economic actors to commercialize the fruits of their innovative labors. The essays in this book approach this critical set of problems from an economic perspective, relying on the tools of microeconomics, quantitative analysis, and comparative institutional analysis to explore and begin to provide answers to the myriad challenges facing policymakers.

Companion website: www.oup.com/rousseva The EU antitrust enforcement system for several decades has been one of the most mature antitrust enforcement systems in the world. The European Commission has been recognised as a leading antitrust agency internationally, and a role model for enforcers. This would not have been possible without effective procedural rules. This volume provides a comprehensive and practically-oriented account of EU antirust procure. After setting out the institutional design and legal framework of the EU antitrust enforcement system, it explores the EU Commission's investigative powers, the possible outcomes of its investigations, the types of decisions it adopts and the remedies and fines it imposes. This volume looks closely at the rights of defences enjoyed by the investigated parties, and how the EU Commission strike a balance between their full observance on the one hand and the effectiveness of its enforcement on the other. Particular attention is given to the judicial review of the EU Commission's acts and the role of the EU Courts in providing judicial protection and ensuring compliance with fundamental rights and principles. Recognising cooperation as a key feature of the EU antitrust enforcement system, the volume explores the mechanisms for cooperation between national antitrust enforcers and the EU Commission, between national courts and the EU Court of Justice as well as the mechanisms for international cooperation. It also provides an in-depth review of the ECN+ Directive and explains how it contributes to making national competition authorities more effective enforcers. Written primarily with enforcers and practitioners in mind, it is essential reading for anyone with an interest in EU antitrust procedure. EU Antitrust Procedure: Digital Pack includes a digital app with enhanced user functionalities that ensure that you have access to the text and all your accompanying notes wherever you are. The app is available on PC, Mac, Android devices, iPad or iPhone.

Environmental Integration in Competition and Free-Movement Laws engages in a comprehensive analysis of the obligation of Article 11 TFEU (integration of environmental protection requirements) in the three core areas of EU internal market law: competition, state aid, and free movement. It develops a theoretical framework for integrating environmental and other policies and compares how environmental integration takes place within competition, state aid, and free movement law. In turn, it paves a way for a more transparent and consistent integration of environment protection in these three core areas of law. Structured in three parts, this volume (I) offers a detailed analysis of the historical development of environmental integration including discussions of the various intergovernmental conferences which led to a number of Treaty changes, shaping the obligation itself. (II) It investigates which provisions and concepts within competition law, state aid law, and the market freedoms can be interpreted in order to provide a clear demarcation of environmental protection and these areas of law. (III) It analyses how competition, state aid, and free movement law allow for a balancing of the environment against restrictions in cases of conflict.

The ultimate goal of competition law is to promote competition and, in most jurisdictions, to enhance consumer welfare. Competition policy may be set aside due to special and exceptional circumstances, such as a financial crisis that threatens the stability of an economy. It is therefore important to have a clear understanding of competition law and the exceptions to it. The key issue that this book addresses is whether a financial crisis can justify the adoption of a more lenient approach to established legal standards as a result of the risks of the systemic crisis to the entire market. It provides an analysis of exceptions to competition law and policy, particularly in the context of a financial crisis, explores the rationale of competition law in the light of conflicting interests, and serves as a valuable practical guide for policy makers as well as practitioners in the field.

This thorough appraisal of competition law and policy from an international and comparative perspective covers the role of different international organisations active in the area, the significance of multinational enterprises and, in particular, the differences between US and EU systems. Taking examples from regions such as Africa, the Middle East and Asia, Maher M. Dabbah looks at the law and policy in developing countries and at a regional level, the internationalisation of competition law and the doctrines of extraterritoriality, bilateral cooperation and multilateral cooperation as well as the relationship between competition and trade policy. The book should prove useful to anyone who is interested in gaining an insight into the international dimension of competition law and policy. It is written in a language and style which make such a complex topic both possible to understand and enjoyable.

This thorough appraisal of competition law and policy from an international and comparative perspective covers the role of different international organisations active in the area, the significance of multinational enterprises and, in particular, the differences between US and EU systems. Taking examples from regions such as Africa, the Middle East and Asia, Maher M. Dabbah looks at the law and policy in developing countries and at a regional level, the internationalisation of competition law and the doctrines of extraterritoriality, bilateral cooperation and multilateral cooperation as well as the relationship between competition and trade policy. The book should prove useful to anyone who is interested in gaining an insight into the international dimension of competition law and policy. It is written in a language and style which make such a complex topic both possible to understand and enjoyable.

In its own words, the mission of the International Competition Network (the ICN) is to advocate the adoption of "superior standards and procedures in competition policy around the world, formulate proposals for procedural and substantive convergence, and seek to facilitate effective international cooperation to the benefit of member agencies, consumers and economies worldwide." ICN members include nearly all competition authorities (NCAs) from around the world (over 100 of them). Since its inception, the ICN has also sought to enrich its discussions and outputs through the inclusion of non-governmental advisors (NGAs), principally large multi-nationals and the legal and economic professions. The ICN is a transnational network, set up by its members, largely without wider state input. This book hypothesises that the ICN's formally neutral structures provide powerful influence mechanisms for strong NCAs and NGAs, over the weak; and 'competition experts' over wider state interests, discussing the legitimacy of this from a political and legal theory perspective, analysing the ICN's effectiveness and efficiency, and suggesting ways that the ICN can improve all three. This study has important implications for the ICN itself, particularly as it launches its 'Third Decade Project', billed as a full self-evaluation. However, the story told here is also relevant to states and the wider regulatory community, due to the widespread use of transnational networks.

Most readers are familiar with the concept of a monopoly. A monopolist is the only seller of a good or service for which there are not good substitutes. Economists and policy makers are concerned about monopolies because they lead to higher prices and lower output. The topic of this book is monopsony, the economic condition in which there is one buyer of a good or service. It is a common misunderstanding that if monopolists raise prices, then monopsonists must lower them. It is true that a monopsonist may force sellers to sell to them at lower prices, but this does not mean consumers are better off as a result. This book explains why monopsonists can be harmful and the way law has developed to respond to these harms.

How the Chicago School Overshot the Mark is about the rise and recent fall of American antitrust. It is a collection of 15 essays, almost all expressing a deep concern that conservative economic analysis is leading judges and enforcement officials toward an approach that will ultimately harm consumer welfare.
For the past 40 years or so, U.S. antitrust has been dominated intellectually by an unusually conservative style of economic analysis. Its advocates, often referred to as "The Chicago School," argue that the free market (better than any unelected band of regulators) can do a better job of achieving efficiency and encouraging innovation than intrusive regulation. The cutting edge of Chicago School doctrine originated in academia and was popularized in books by brilliant and innovative law professors like Robert Bork and Richard Posner. Oddly, a response to that kind of conservative doctrine may be put together through collections of scores of articles but until now cannot be found in any one book. This collection of essays is designed in part to remedy that situation.
The chapters in this book were written by academics, former law enforcers, private sector defense lawyers, Republicans and Democrats, representatives of the left, right and center. Virtually all agree that antitrust enforcement today is better as a result of conservative analysis, but virtually all also agree that there have been examples of extreme interpretations and misinterpretations of conservative economic theory that have led American antitrust in the wrong direction. The problem is not with conservative economic analysis but with those portions of that analysis that have "overshot the mark" producingan enforcement approach that is exceptionally generous to the private sector. If the scores of practices that traditionally have been regarded as anticompetitive are ignored, or not subjected to vigorous enforcement, prices will be higher, quality of products lower, and innovation diminished. In the end consumers will pay.

Before and during World War II, Japan's economy was controlled by power economic concentrations, large family holdings that passed from one generation to another, called zaibatsu. This book is a full assessment of the American postwar attempt to break up these powerful combines. Miss Hadley recounts both General Douglas MacArthur's efforts to implement the American occupation's antitrust policies and the Japanese government's resistance while it appeared to comply with zaibatsu dissolution. As the Cold War developed, American defense thinkers began to emphasize recovery rather than reform, and conservative American businessmen supported the abandonment of antitrust policy in Japan. The second half of the book examines the consequences of the antitrust measures and reaches conclusions which challenge prevailing Japanese and American views. Originally published in 1970. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

This book provides a thorough treatment of the legal, economic, and policy issues associated with safeguard measures in the WTO system. It includes a careful treatment of the history of safeguard measures under GATT, and the impetus for the Agreement on Safeguards during the Uruguay Round. It reviews the economic arguments for and against safeguard measures, including the modern political economy account of safeguards and "escape clauses" in international agreements. Subsequent chapters focus on the key legal issues associated with the use of safeguards, including the procedural requirements, the obligation to demonstrate unforeseen developments and increased imports, the concept of "serious injury," the puzzling causation test, and limitations on the scope of safeguard measures including non-discrimination principles. All of the safeguard decisions within the WTO dispute system are thoroughly dissected and analysed. Included as appendices are the relevant treaty text and the pertinent national legislation of the United States and European Union.

This edited volume of essays examines a wide range of issues related to the regionalisation of competition policy in South East Asia, where the ten member states of ASEAN have launched the ASEAN Economic Community (AEC). Written by a diverse group of academics, practitioners and policy-makers, this book explore issues such as the role of competition policy in facilitating the market-integration ambitions of the ASEAN member states, the challenges arising from divergences in the national competition law regimes of the ASEAN member states, and the absence of a supranational legal framework and the future of competition policy in light of the AEC Blueprint 2025. Given the nexus between regional competition policy and regional market integration, this book will be of particular interest to lawyers, economists and policymakers working in the fields of competition law and regional trade law.

Protecting economic competition has become a major objective of government in Western Europe, and is playing a key role in European Integration. Competition law has, therefore, become a central part of economic and legal experience. This book examines European experience in protecting competition, analysing its dynamics, revealing its importance and highlighting the political and economic issues it raises.

On their broadest level, the IP and antitrust laws aim to increase societal welfare. But they do so in different ways. The foundation of the IP system is the right to exclude. This right allows inventors to recover their investment costs and to obtain profits. Relatedly, it discourages "free riders" who imitate the invention and - because they have no investment costs to recover - undercut the price. The right to exclude, in short, is designed to increase innovation. The very exclusion at the heart of IP nonetheless might seem suspicious to antitrust, which focuses on harms to competition. The antitrust laws presume that competition leads to lower prices, higher output, and more innovation. They anticipate that certain agreements between competitors or conduct by monopolists prevents consumers from enjoying these benefits. In Innovation in the 21st Century: Harnessing the Power of Intellectual Property and Antitrust Law, Michael Carrier contends that intellectual property and antitrust, the two most important laws fostering innovation, are not being used most effectively to achieve this goal and offers various proposals that individually and collectively remedy this deficiency.

This book provides a new analytical framework for legal problems concerning the economic order of the European Union. In order to determine the remaining scope for national economic sovereignty, and the improvement of the economic order of the Community itself, the focus of the book is the contentious relationship between competition and industrial policy under European law. The theoretical perspective used is based on a comparison between the concepts of the Treaty as an economic constitution and as a political constitution. On this basis, the convergence of competition and industrial policy at the Community level is explained as the result of the rationalisation of public policy, and the reduction of the economic independence of the member states. The study concludes that the market orientation of the European Union is not in doubt, but that a clear link remains to be established between the legitimacy of public intervention in the economy and the distribution of power in the Community system.

Americans have long appealed to images of free competition in calling for free enterprise, freedom of contract, free labor, free trade, and free speech. This imagery has retained its appeal in myriad aspects of public policy--for example, Senator Sherman's Anti-Trust Act of 1890, Justice Holmes's metaphorical marketplace of ideas, and President Reagan's rhetoric of deregulation.
In Competition Policy in America, 1888-1992, Rudolph Peritz explores the durability of free competition imagery by tracing its influences on public policy. Looking at congressional debates and hearings, administrative agency activities, court opinions, arguments of counsel, and economic, legal, and political scholarship, he finds that free competition has actually evoked two different visions--freedom not only from oppressive government, but also from private economic power. He shows how the discourse of free competition has mediated between commitments to individual liberty and rough equality--themselves unstable over time. This rhetorical approach allows us to understand, for example, that the Reagan and Carter programs of deregulation, both inspired by the rhetoric of free competition, were driven by fundamentally different visions of political economy.
Peritz's historical inquiry into competition policy as a series of government directives, inspired by two complex yet distinct and sometimes contradictory visions of free competition, provides an indispensable framework for understanding modern political economy-- whether political campaign finance reform, corporate takeover regulation, or current attitudes toward the New Deal Legacy. Competition Policy in America will be of great interest to lawyers, historians, economists, sociologists, and policy makers in both government and business.