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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

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...
Commentary

Economists Are Still Right About Airline Deregulation!

Clifford Winston
Would increasing regulation of the U.S. airline industry resolve the issues that Americans have heard about and experienced in the past few months? Clifford...
Commentary

How the ‘Market Share Opportunism’ of Investment Advisers is Harming Investors and Public Companies

Bernard Sharfman
Investment advisors on both sides of the aisle have coopted ESG for their own exploitative marketing tactics to increase their own assets under management...
Commentary

How To Really Fix Banking

Laurence Kotlikoff
Laurence Kotlikoff and Rick Miller argue that banking as we know it is dying. It’s time to arrange a smooth transition to limited purpose...
Antitrust and Competition

Structuring a Structural Presumption for Merger Review

Filippo Lancieri
The consumer welfare standard can’t be saved with more theory. The problem is how it works in practice, and solving that means changing the...
Antitrust and Competition

Race and the Consumer Welfare Standard

Bennett Capers
The consumer welfare standard employs a collective consumer in its model when evaluating possibly anticompetitive behavior. This aggregated approach fails to recognize that such...
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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.