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Economic History Series

The current debate in economics seems to lack a historical perspective. To try to address this deficiency, we decided to launch a Sunday column on ProMarket focusing on the historical dimension of economic ideas.

Economic History Series

The Complicated Legacy of the “Chicago Boys” in Chile

Daniel Matamala
How did a group of Chicago-trained economists manage to turn Chile into the cradle of neoliberalism? As the country aims to move...
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Economic History Series

Mechanics and Financiers: How Political Economy and Political Ideology Helped Make Detroit the Global Leader of the Automotive Industry

Stefan J. Link
The history of automotive mass production begins with a puzzle: Why did Detroit, of all places, pioneer the industry that would shape...
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Economic History Series

“Old Chicago” and Freiburg: Why Ordoliberalism Was No “German Oddity”

Stefan Kolev, Ekkehard A. Köhler
Both the Chicago and Freiburg schools faced systemic fragility as the crucial property of societal orders. It was this fragility that served...
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Antitrust and Competition

A New Antitrust Under Biden? Lessons From the Presidency of Theodore Roosevelt

Richard Baker, Carola Frydman, Eric Hilt
The early history of the Sherman Antitrust Act offers relevant insights to contemporary debates on how to best enforce antitrust laws. In...
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Antitrust and Competition

How and Why Baseball’s Legal Monopoly Came to Be

Emile Warot
Baseball’s antitrust exemption, currently the subject of fierce political backlash, has long been a historical curiosity. Why has a professional sports league...
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Antitrust and Competition

American History Provides a Valuable Lesson on How Monopolists Use Exclusive Deals to Fortify Their Market Power

Daniel A. Hanley
Since the Civil War, dominant firms have widely and repeatedly used exclusive agreements to exert, expand, and fortify their market power. History...
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Antitrust and Competition

Freiburg and Chicago: How the Two Worlds of Neoliberalism Drifted Apart Over Market Power and Monopolies

Thomas Biebricher
Early neoliberals tended to view market power and monopolies as phenomena that somehow had to be reined in by an institutional framework...
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Antitrust and Competition

Henry Simons’s Positive Program for Laissez-Faire

Mario Rizzo
The 1930s were a difficult time for classical liberals. In response to the Great Depression, the federal government undertook a massive expansion...
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Economic History Series

Harold Demsetz and Israel Kirzner Understood That Competition Regulates Markets

Peter J. Boettke, Rosolino A. Candela
Economists Harold Demsetz and Israel Kirzner challenged the prevailing orthodoxy in microeconomic analysis and public policy beginning with their respective work in...
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Economic History Series

How Protests Against the Jim Crow Credit Market Changed the Civil Rights Movement

Mehrsa Baradaran
Before the civil rights movement captured the nation’s attention, activists and community groups were protesting against exploitative credit and exclusionary lending practices...
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News

Fear of Punishment Distorts Bank Financial Reporting

Hamid Mehran
When bank employees are afraid of punishment from regulators, they are likely to conceal information about their faulty decisions. This in turn...
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Antitrust and Competition

Should The Competitive Process Test Replace The Consumer Welfare Standard?

Einer Elhauge
Jonathan Kanter, Assistant Attorney General for the Department of Justice Antitrust Division, recently gave a speech condemning the use of the consumer...
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News

Delaware: The State Where Companies Can Vote

Hal Weitzman
Adapted from What’s the Matter with Delaware: How the First State Has Favored the Rich, Powerful, and Criminal—and How It Costs Us...
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Antitrust and Competition

The NCAA Goes After College Athletes’ NIL Money—Here are the Antitrust Implications for Workers and Consumers

Ted Tatos
Having lost in the Supreme Court on student-athlete academic benefits, the NCAA has signaled a continuing attempt to suppress competition in the...
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Corporate Governance

Have Business Roundtable Companies Lived Up to Their Stakeholder Commitments?  

Lucian Bebchuk, Roberto Tallarita
In 2019, more than 100 CEOs of US public companies signed a Business Roundtable statement in which they pledged to deliver value...
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Inequality

Do Protests Matter At All for Shifting Government Policy Around Economic Redistribution?

Belinda Archibong
New research on the effectiveness of protests on government distributions provides insights into the political incentives of a country’s leadership and the...
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Antitrust and Competition

Mergers and Smoking Guns

Erik Peinert
A recently uncovered memo from George Stigler and Richard Posner reveals how they thought about antitrust and merger policy in advising the...
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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.

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