Communism

Event Notes: China’s Leadership Transition and What It Means for Its Economy

On Oct. 22, Chinese President Xi Jinping solidified power and an unprecedented third term with the conclusion of the Chinese Communist Party’s...

How China Became a Global Economic Powerhouse Through an Idiosyncratic Approach to Market Capitalism

Chinese reformers after the death of Mao Zedong in 1976 agreed that it was necessary for China to move towards marketization, but...

With the US and China, Two Types of Capitalism Are Competing With Each Other

Capitalism’s global victory has been achieved through two different types of capitalist systems: the liberal meritocratic capitalism that has developed incrementally in the West,...

Can Credit Tightening Spur Social Unrest? Evidence from 1930s China

In 1933 the United States launched its Silver Purchase program, which raised silver prices worldwide, drained China’s silver stock, and caused credit to Chinese...

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The Banking Risks of Central Bank Digital Currencies

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.

The Whig History of the Merger Guidelines

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...

Algorithmic Collusion in the Housing Market

While the development of artificial intelligence has led to efficient business strategies, such as dynamic pricing, this new technology is vulnerable to collusion and consumer harm when companies share the same software through a central platform. Gabriele Bortolotti highlights the importance of antitrust enforcement in this domain for the second article in our series, using as a case study the RealPage class action lawsuit in the Seattle housing market.

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

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.

The Chicago Boys and the Chilean Neoliberal Project

In a new book, The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism, Sebastian Edwards details the history of neoliberalism in Chile over the past seventy years. The Chicago Boys—a group of Chilean economists trained at the University of Chicago through the U.S. State Department’s “Chile Project”—played a central role in neoliberalism’s ascent during General Augusto Pinochet’s rule. What follows is an excerpt from the book on University of Chicago economist Milton Friedman’s 1975 visit to Chile to meet with Pinochet and business leaders.