Trade
Schumpeter and Brexit: Same Old Story, Different Ending
Joseph Schumpeter wouldn’t have been surprised by Brexit, but would blame British elites for putting it to a referendum and then walking away from the...
The Costs of Trump’s Import Tariffs Have Landed Entirely on US Citizens
US importers and consumers experienced $12.3 billion in added tax costs and another $6.9 billion from unrecoverable reductions in welfare arising from the 2018...
What Comes After Trickle-Down Trade Liberalization?
The United States needs to rethink its trade policy. A new report offers a blueprint, consisting of ten major reforms.
US trade policy is at...
The Malleable Demand for Trade Protection: How Political Campaigns Can Easily Manipulate Public Attitudes Toward Public Policy
Where does today’s anti-trade sentiment come from? A new study finds that people are particularly sensitive to job losses and outsourcing due to international...
The Inequality Paradox: Rising Inequalities Nationally, Diminishing Inequality Worldwide
Workers in emerging economies benefitted from globalization and workers in rich countries, on balance, did not. Overturning globalization, however, will neither work nor bring...
Obesity and Globalization: Evidence from Mexico
Has Mexico imported its obesity epidemic from the United States? A new study suggests that the answer to this question is "yes."
The obesity epidemic...
Editors’ Briefing: This Week in Political Economy (September 16–22)
The White House is getting ready to go after tech platforms and the EU is going after Amazon, while Louisiana’s attorney general wants to break...
Is China’s International Joint Venture Policy Effective in Diffusing Technology?
The US administration launched a trade war against China in response to what it sees as unfair trade practices—especially the requirement that foreign firms...
Baldwin on Globalization: “A Lot of the Narrative Is Based on the US as If It Were the Whole World”
Richard Baldwin, professor of international trade at the Graduate Institute of Geneva and editor-in-chief of VoxEU.org, talks to ProMarket about the convergence between the...
"No Mistake About it: A Revolt Against Globalization is Underway!"
In this installment of ProMarket’s new interview series, Columbia Law School’s John C. Coffee Jr. shares some thoughts on political engagement by corporations. "Milton Friedman seems...
LATEST NEWS
Antitrust and Competition
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...
Antitrust and Competition
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.
Antitrust and Competition
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.
Book Excerpts
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.
Antitrust and Competition
Creating a Modern Antitrust Welfare Standard that Integrates Post-Chicago and Neo-Brandeisian Goals
Darren Bush, Mark Glick, and Gabriel A. Lozada argue that the Consumer Welfare Standard is inconsistent with modern welfare economics and that a modern approach to antitrust could integrate traditional Congressional goals as advocated by the Neo-Brandesians. Such an approach could be the basis for an alliance between the post-Chicago economists and the Neo-Brandesians.
