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The Antitrust Paradigm - Restoring a Competitive Economy (Hardcover)
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The Antitrust Paradigm - Restoring a Competitive Economy (Hardcover)
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A new and urgently needed guide to making the American economy more
competitive at a time when tech giants have amassed vast market
power. The U.S. economy is growing less competitive. Large
businesses increasingly profit by taking advantage of their
customers and suppliers. These firms can also use sophisticated
pricing algorithms and customer data to secure substantial and
persistent advantages over smaller players. In our new Gilded Age,
the likes of Google and Amazon fill the roles of Standard Oil and
U.S. Steel. Jonathan Baker shows how business practices harming
competition manage to go unchecked. The law has fallen behind
technology, but that is not the only problem. Inspired by Robert
Bork, Richard Posner, and the "Chicago school," the Supreme Court
has, since the Reagan years, steadily eroded the protections of
antitrust. The Antitrust Paradigm demonstrates that Chicago-style
reforms intended to unleash competitive enterprise have instead
inflated market power, harming the welfare of workers and
consumers, squelching innovation, and reducing overall economic
growth. Baker identifies the errors in economic arguments for
staying the course and advocates for a middle path between
laissez-faire and forced deconcentration: the revival of
pro-competitive economic regulation, of which antitrust has long
been the backbone. Drawing on the latest in empirical and
theoretical economics to defend the benefits of antitrust, Baker
shows how enforcement and jurisprudence can be updated for the
high-tech economy. His prescription is straightforward. The sooner
courts and the antitrust enforcement agencies stop listening to the
Chicago school and start paying attention to modern economics, the
sooner Americans will reap the benefits of competition.
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