From the Editor
Our Autumn 2007 issue of Competition Policy International features a truly international collection of antitrust experts from the Asia-Pacific region, the European Union, and the United States.
Antitrust and the U.S. Supreme Court
In this article we suggest that the U.S. Supreme Court, far from indulging a pro-defendant or anti-antitrust bias, is methodically re-working antitrust doctrine to bring it into alignment with modern economic understanding.
The U.S. Supreme Court has now decided 14 antitrust cases in a row in favor of the defendant. But this does not indicate an embrace of the conservative Chicago School over the moderate Harvard School.
This article examines the quartet of Supreme Court decisions issued during the 2006-2007 Term in an attempt to identify and characterize the antitrust philosophy of the Roberts Court.
A View from Chief Economists
This article is a transcript of the presentations given by Dennis Carlton and Michael Salinger at the University College London´s Annual Antitrust and Regulation Forum held on February 21, 2007 and hosted by the Jevons Institute for Competition Law and Economics.
Welfare Standards for Antitrust Enforcement
In this paper, I argue that such transfers are likely overall to be quite regressive, and thus that a consumer surplus standard rather than a total welfare standard may be appropriate for antitrust. Two common arguments against this standard that most mergers are in markets for intermediate goods, and that a consumer welfare standard implies a tolerance for monopsony are examined and found wanting. I argue in addition that, even if a total welfare standard is used, both the finance literature on merger outcomes and the structure of the U.S. enforcement agencies suggest that the use of a consumer surplus standard by the agencies is more likely to achieve that goal.
A Symposium on Antitrust in Asia
The first two decisions by the Competition Commission of Singapore, issued in the first quarter of 2007, represent important milestones in the implementation of competition law in Singapore since the enactment of the Competition Act 2004.
Hong Kong has a reputation for being a free and open economy. Historically, the government has maintained that the economic environment is business-friendly, with a small public sector and that competition is the bedrock of sustained growth.
For a relatively young agency with only a quarter-century history, the Korea Fair Trade Commission (KFTC) has achieved some remarkable success in cartel enforcement and competition advocacy. However, its track record in enforcing merger control leaves much to be desired and its recent ambitious foray into regulating unilateral conduct by global firms such as Microsoft has received a mixed review.
The recent development of China´s Antimonopoly Law has caught the attention of governments, academia, and businesses. Although China has laws that address anticompetitive conduct and institutions to enforce them, they are disparate and do not constitute a comprehensive competition regime.
European Court of Justice Upholds Judgment of the European Court of First Instance in the British Airways/Virgin Saga
This case commentary analyzes the recent ruling of the European Court of Justice (ECJ) in the case of British Airways v. Commission.
According to the authors, businessmen, lawyers, and lawmakers must understand not just their own system but also the other regimes that form part of the global legal framework that regulates competitive behaviour.
In this article, Aaron Director and Edward H. Levi present several contemporary problems in antitrust at the time the article was written, and describe several tenets of what would become known as the Chicago School of antitrust.
Prof. Keith Hylton of Boston University School of Law presents this new introduction to Law and the Future: Trade Regulation, by Aaron Director and Edward H. Levi.