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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)

Antitrust and Competition

Has Antitrust Returned to the “Domain of Law”?

Allen Grunes
Allen Grunes comments on the core continuity in antitrust enforcement between the Biden and second Trump administrations. He argues that the continuity reflects, in Zephyr Teachout’s words, the “homecoming” of antitrust to the “domain of law.” The following is a revised version of remarks Grunes delivered at the Loyola Antitrust Colloquium in April.
Antitrust and Competition

It’s Time To Imagine Chrome Without Google

Karina Montoya
Karina Montoya reflects on the end of the remedies phase of the Department of Justice’s case against Google for monopolizing the online search market. She argues that Google’s warnings against divestiture of its browser, Chrome, fall short and that a breakup will benefit the security of the internet, innovation, and users.
Commentary

A Tale of Tariffs and the Making of the Modern Offshore Market

David Chan Smith
David Chan Smith argues that tariff regimes during the eighteenth century encouraged modern history’s first offshore markets to reroute goods through jurisdictions that faced lower tariff rates. This historical “entrepôt trade” could outstrip the legal trade of some goods and carries lessons for contemporary revisions to international trade.
Antitrust and Competition

How Corporations Can Block Abundance

Jennifer Howard
As Americans struggle with an increasing cost of living, a new poll suggests that the public prefers leaders who create prosperity by taking on concentrated corporate power over those who focus on removing government barriers. Jennifer Howard argues that this reflects a growing recognition that corporations block abundance because they profit from artificial scarcity. She describes how businesses consolidate and then engineer limits to extract wealth. She writes that to achieve shared abundance we have to confront corporate power.
Antitrust and Competition

What the FTC v Meta Case Teaches About Big Tech Harms

Georgios Petropoulos
Georgios Petropoulos, Geoffrey Parker and Marshall Van Alstyne review what the Meta antitrust case reveals about its merger and acquisition strategy and what lessons...
Antitrust and Competition

Collective Action and the Lawyers—Take Antitrust Off the Table

Eleanor Fox
Eleanor Fox argues that the leading law firms should have immediately and collectively resisted President Donald Trump’s attacks. Strong, timely collective resistance may have helped staunch democratic backsliding and prevented normalization of repeated, speech-chilling demands. Doing so, however, the firms would have faced the risk of violating the antitrust laws. This article assesses antitrust’s treatment of political action and argues that the space for protected political action needs to be enlarged.
Commentary

Don’t Dismantle America’s Audit Regulator—It’s a Strategic Asset Against China

Karthik Ramanna
Congress is considering eliminating the Public Company Accounting Oversight Board, the independent federal agency that “audits the auditors.” Karthik Ramanna and Nemit Shroff write...
Antitrust and Competition

A Win for Meta Could Open the Television Broadcasting Market to Consolidation

Joseph Price
Joseph Price writes that how the court in the Meta antitrust case determines the relevant product market may have implications for merger activity among television broadcasters, who have similarly argued that the regulators and courts use outdated market definitions to block consolidation.
Antitrust and Competition

We Must Avoid Killer Acquisitions at the Birth of AI

Jonathan Skrmetti
The artificial intelligence market is rapidly developing but antitrust regulators are failing to update their policies, write Tennessee Attorney General and Reporter Jonathan Skrmetti and Kevin Frazier. Regulators’ passiveness risks repeating what happened to social media markets, where a few tech giants were able to acquire nascent competitors and dominate the market. The authors propose three policies to help maintain a competitive AI market.
Antitrust and Competition

The Antitrust Agencies Should Block OpenAI’s Windsurf Acquisition To Support AI Innovation

Ketan Ahuja
Recent government wins against Big Tech demonstrate the prudence of proactively stopping consolidation in the emerging AI startup ecosystem to prevent harm to innovation and consumers. OpenAI’s recent acquisition of Windsurf raises these competition concerns. The antitrust agencies should block it.
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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.