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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

The Kroger-Albertsons Merger Threatens Smaller Upstream Suppliers

Richard Volpe
Much of the conversation of the proposed Kroger-Albertsons merger has focused on the risks to consumers. However, the merger also poses serious implications for the grocers’ upstream suppliers, particularly smaller regional firms.
Antitrust and Competition

Merger Law Reaches Acquirer Incentives and Private Equity Strategies

Steven Salop
Steven C. Salop argues that Section 7 of the Clayton Act prohibits mergers in which the acquiring firm’s unilateral incentives and business strategy are likely to lessen market competition.
Antitrust and Competition

Tim Wu Responds to Letter by Former Agency Chief Economists

Tim Wu
Former special assistant to the president for technology and competition policy Tim Wu responds to the November 27 letter signed by former chief economists at the Federal Trade Commission and Justice Department Antitrust Division calling for a separation of the legal and economic analysis in the draft Merger Guidelines.
Antitrust and Competition

The Kroger-Albertsons Merger Will Not Help Grocery Competition

Claire Kelloway
Kroger and Albertsons say they need to merge to compete with Walmart. Claire Kelloway argues that what they really want is Walmart’s monopsony power, and permitting mergers on these grounds will only harm suppliers, workers, and consumers.
Antitrust and Competition

Why the Kroger-Albertsons Merger Is a Mess for Consumers

Christine P. Bartholomew
Grocers Kroger and Albertsons want to merge, which would make them the second biggest retail food chain and, according to them, enhance their ability to compete with Walmart and Costco and offer lower prices to consumers. Christine P. Bartholomew writes that the promises of more competition and lower prices for consumers are unlikely to manifest, and thus the Federal Trade Commission should block the deal.  
Antitrust and Competition

US Taxpayers Should Not Be Subsidizing Harmful Big Oil Mergers

Niko Lusiani
Chevron and ExxonMobil claim their announced mergers with Hess and Pioneer take advantage of market efficiencies, but a closer look reveals an antiquated tax provision likely sweetening these dangerous deals. Antitrust authorities must carefully review the serious risks entailed in these proposed mergers. In parallel, the United States federal government needs to end large tax-free reorganizations—the most egregious way in which American taxpayers are subsidizing monopolistic practices, writes Niko Lusiani.
Antitrust and Competition

How Monopolies are Making TV Worse

G. Vaughn Joy
In the 1990s, a host of antitrust rules impacting the television industry were repealed. Today’s streaming giants are exploiting the rollback and vertically integrating, a trend that will reduce the quality of TV shows and send us back to the era of network giants.
Antitrust and Competition

What Antitrust Experts Want You to Know About the Amazon Trial

Fiona Scott Morton
In late September, the United States Federal Trade Commission sued Amazon for using a set of anticompetitive strategies to maintain its monopoly in the online retail market. ProMarket asked four antitrust experts —two economists and two law professors —to discuss the foundations and strength of the complaint’s arguments, the history of similar cases, and the potential for a legal remedy.
Antitrust and Competition

Zephyr Teachout: The Death of the Consumer Welfare Standard

Zephyr Teachout
Zephyr Teachout provides her Round-Two comments on the draft Merger Guidelines.
Commentary

The Decay of Hong Kong’s Liberal Political Economy

Casey Moser
The Chinese Communist Party drastically reduced Hong Kong’s autonomy in 2020 with a national security law and has cracked down on resistance ever since. The consequences have left its people culturally and economically poorer, writes Casey Moser.
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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.