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Commentary

An outlet for insiders to speak freely (as they remain anonymous to the reader) on what they perceive as problematic practices in their own industry – with an emphasis on how the industry tweaks the rules of the game and captures regulation.
“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice.” Adam Smith – An Inquiry into the Nature and Causes of the Wealth of Nations (1776)

Commentary

Reregulate.

Brooke Fox
Lee Hepner and William J. McGee respond to Clifford Winston’s ProMarket piece asserting that further deregulation of the airline industry would resolve problems in the industry. Instead, the authors claim a return to regulation would produce better results for travelers.
Commentary

The Banking Risks of Central Bank Digital Currencies

Vibhu Vikramaditya
The implementation of central bank digital currencies as the primary medium of exchange would exacerbate the flaws of our current fiat system which encourage banks to overextend credit and create liabilities that they cannot redeem. This will worsen the already recurring cycles of financial crises, writes Vibhu Vikramaditya.
Antitrust and Competition

The Whig History of the Merger Guidelines

Eric A. Posner
A pervasive "Whig" view of United States antitrust history among scholars and practitioners celebrates the Merger Guidelines' implementation of increasingly sophisticated economic methods since their inception in...
Antitrust and Competition

The Future Markets Model Explains Meta/Within: A Reply to Herb Hovenkamp

Lawrence B. Landman
In response to both Herb Hovenkamp’s February 27 article in ProMarket and, perhaps more importantly, also to Hovenkamp’s highly regarded treatise, Lawrence B. Landman, first, shows that the Future Markets Model explains the court’s decision in Meta/Within. Since Meta was not even trying to make a future product, the court correctly found that Meta would not enter the Future Market. Second, the Future Markets Model is the analytical tool which Hovenkamp says the enforcers lack when they try to protect competition to innovate.
Antitrust and Competition

There Is No Antitrust Exception To Rules Of Statutory Interpretation

Tim Wu
Tim Wu responds to a recent ProMarket post by Herbert Hovenkamp which argues for the dismissal of the Supreme Court’s 1962 Brown Shoe decision. Wu says that the Court’s duty is to obey and interpret the intentions of laws set by Congress, and cases cannot be dismissed because they don’t align with a particular policy perspective.
Commentary

Big Banks Must Become Globally Resolvable—or Significantly “Smaller”

Aymo Brunetti
The subsidized emergency takeover of Credit Suisse by UBS brings the current global "too big to fail" regime into question. This column argues that an in-depth analysis of the global resolution framework by both regulators and academics is needed. The main question is whether a resolution of a global systemically important bank is indeed feasible in plausible scenarios. An affirmation would clearly be the best possible result of this analysis. However, if such a resolution proves not to be realistic, then there should be no hesitation to drastically reduce the global risks of such institutions via regulation of their business models.
Antitrust and Competition

Did the Supreme Court Fix “Brown Shoe”?

Herbert Hovenkamp
The Supreme Court’s 1962 Brown Shoe decision, which found a merger to be anticompetitive even though it would have reduced prices for consumers, remains...
Antitrust and Competition

How To Handle Big Tech Acquisitions Under Uncertainty

Daniel McCuaig
The Federal Trade Commission recently failed to stop Meta’s acquisition of virtual reality company Within, while the Department of Justice is now attempting to...
Antitrust and Competition

“Consumer Welfare Is Dead”: What Do We Do Instead?—A Perspective from Europe

Cristina Caffarra
“Consumer Welfare” has lost its place as the animating value and standard for modern antitrust. The standard is almost universally regarded as bunk and...
Antitrust and Competition

Understanding the DOJ’s Decision To Seek a Jury Trial in the Google Ad Tech Case

Samuel Weinstein
The Department of Justice recently sued Google for conduct relating to its ad tech services, accusing the search giant of unlawful monopolization. In an...
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ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.