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Vol 23 No 5 May/June 2018

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Post-Chicago Developments in Antitrust Law

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ISBN13: 9781843760016
ISBN: 1843760010
Published: October 2002
Publisher: Edward Elgar Publishing Limited
Format: Hardback
Price: £100.00

This work offers a critical evaluation of the Chicago approach to antitrust. Judgements by the United States Supreme Court (in cases such as Kodak) and the debate surrounding the Microsoft monopoly have led to the view that antitrust has entered the post-Chicago era, in which previous immoderations are tempered, and more refined and accurate analyses take precedence. This claim is made at a time when European competition policy is gradually embracing an economics-based approach. The authors discuss the economic foundations of competition policy and the different ways in which both American and European competition law does - or does not - take account of economic insights. Although the book makes no claim to provide a definitive answer to the host of questions arising from the complexities of antitrust, it does offer an important contribution to a better understanding of the many ""interfaces"" between economic thinking and sound legal policy.

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The reckoning of post-Chicago antitrust; the difficult reception of economic analysis in European competition law; a preface to post-Chicago antitrust; post-Chicago, post-Seattle and the dilemma of globalization; the Bounds approach to antitrust; dynamic efficiency and US antitrust policy; ""Obvious"" consumer harm in antitrust policy - the Chicago school, the post-Chicago school and the courts; second order oligopoly problems with international dimensions - sequential mergers, maverick firms and buyer power; rule fixing - an overlooked but general category of collusion; raising consumers' costs as an antitrust problem - a sketch of the argument from Kodak to Microsoft (the European proceedings); how safe is the king's throne? - network externalities on trial; the vertical price fixing controversy; the competitive dynamics of distribution restraints - efficiency versus rent seeking; co-operation, competition and collusion among firms at successive stages.