This book describes and analyzes the formation, operation, and impacts of modern global cartels. It provides a broad picture of the economics, competition law and history of international price fixing. Intensive case studies of collusion in the markets for lysine, citric acid, and vitamins offer a deep, detailed understanding of the phenomenon. The author assesses whether antitrust enforcement by the European Union, the United States, and other countries can deter cartels.
Some books get written, others write themselves. This book is the latter type. I have devoted myselfto studying the economic organization of industries related to food and agriculture for almost twenty-five years. It has been my good fortune to work at places that tolerated my gadfly approach to research. So long as I produced a few publications each year and wooed a few graduate students to share those interests, I was free to pursue an array of topics: why firms diversifY, the competitive role of advertising, strategies for selling in overseas markets, measuring market power, and many others. Although firmly anchored in the eclectic analytical framework of industrial economics and focused on the food system, I traversed a wide field at will. Some years ago, I had pretty much convinced myself that naked price fixing was not a high priority for scholarship in these industries. True, collusion was rife in a few food industries, such as bid-rigging among suppliers of fluid milk to school districts in isolated rural districts. Ripping off milk money from school children is reprehensible enough, but the size of the economic losses from localized price fixing paled besides other sources of imperfect competition.
GLOBAL PRICE FIXING (2nd Edition) was released by Springer at the end of 2006. This note reproduces a 2002 review of the first edition of the book by Prof. Douglas Greer. It is reproduced with the permission of the publisher of the Review of Industrial Organization.
This book describes and analyzes the formation, operation, and impacts of modern global cartels. It provides a broad picture of the economics, competition law and history of international price fixing. Intensive case studies of collusion in the markets for lysine, citric acid, and vitamins offer a deep, detailed understanding of the phenomenon. The author assesses whether antitrust enforcement by the European Union, the United States, and other countries can deter cartels.
Antitrust law regulates economic activity but differs in its operation from what is traditionally considered "regulation." Where regulation is often industry-specific and involves the direct setting of prices, product characteristics, or entry, antitrust law focuses more broadly on maintaining certain basic rules of competition. In these lectures Michael Whinston offers an accessible and lucid account of the economics behind antitrust law, looking at some of the most recent developments in antitrust economics and highlighting areas that require further research. He focuses on three areas: price fixing, in which competitors agree to restrict output or raise price; horizontal mergers, in which competitors agree to merge their operations; and exclusionary vertical contracts, in which a competitor seeks to exclude a rival. Antitrust commentators widely regard the prohibition on price fixing as the most settled and economically sound area of antitrust. Whinston's discussion seeks to unsettle this view, suggesting that some fundamental issues in this area are, in fact, not well understood. In his discussion of horizontal mergers, Whinston describes the substantial advances in recent theoretical and empirical work and suggests fruitful directions for further research. The complex area of exclusionary vertical contracts is perhaps the most controversial in antitrust. The influential "Chicago School" cast doubt on arguments that vertical contracts could be profitably used to exclude rivals. Recent theoretical work, to which Whinston has made important contributions, instead shows that such contracts can be profitable tools for exclusion. Whinston's discussion sheds light on the controversy in this area and the nature of those recent theoretical contributions. Sponsored by the Universidad Torcuato Di Tella
One might mistakenly think that the long tradition of economic analysis in antitrust law would mean there is little new to say. Yet the field is surprisingly dynamic and changing. The specially commissioned chapters in this landmark volume offer a rigorous analysis of the field's most current and contentious issues. Focusing on those areas of antitrust economics that are most in flux, leading scholars discuss topics such as: mergers that create unilateral effects or eliminate potential competition; whether market definition is necessary; tying, bundled discounts, and loyalty discounts; a new theory of predatory pricing; assessing vertical price-fixing after Leegin; proving horizontal agreements after Twombly; modern analysis of monopsony power; the economics of antitrust enforcement; international antitrust issues; antitrust in regulated industries; the antitrust-patent intersection; and modern methods for measuring antitrust damages. Students and scholars of law and economics, law practitioners, regulators, and economists with an interest in industrial organization and consulting will find this seminal Handbook an essential and informative resource.
The aftershocks of the 2008 financial crisis still reverberate throughout the globe. Markets are down, unemployment is up, and nations from Greece to Ireland find their very infrastructure on the brink of collapse. There is also a crisis in the management of global affairs, with the institutions of global governance challenged as never before, accompanied by conflicts ranging from Syria, to Iran, to Mali. Domestically, the bases for democratic legitimacy, social sustainability, and environmental adaptability are also changing. In this unique volume from the World Public Forum Dialogue of Civilizations and the Social Science Research Council, some of the world’s greatest minds—from Nobel Prize winners to long-time activists—explore what the prolonged instability of the so-called Great Recession means for our traditional understanding of how governments can and should function. Through interviews that are sure to spark lively debate, 22 Ideas to Fix the World presents both analysis of past geopolitical events and possible solutions and predictions for the future. The book surveys issues relevant to the U.S., Europe, Asia, Africa, and the Middle East. Speaking from a variety of perspectives, including economic, social, developmental, and political, the discussions here increase our understanding of what’s wrong with the world and how to get it right. Interviewees explore topics like the Arab Spring, the influence of international financial organizations, the possibilities for the growth of democracy, the acceleration of global warming, and how to develop enforceable standards for market and social regulation. These inspiring exchanges from some of our most sophisticated thinkers on world policy are honest, brief, and easily understood, presenting thought-provoking ideas in a clear and accessible manner that cuts through the academic jargon that too often obscures more than it reveals. 22 Ideas to Fix the World is living history in the finest sense—a lasting chronicle of the state of the global community today. Interviews with: Zygmunt Bauman, Shimshon Bichler & Jonathan Nitzan, Craig Calhoun, Ha-Joon Chang, Fred Dallmayr, Mike Davis, Bob Deacon, Kemal Dervis, Jiemian Yang, Peter J. Katzenstein, Ivan Krastev, Will Kymlicka, Manuel F. Montes, José Antonio Ocampo, Vladimir Popov, Jospeh Stiglitz, Olzhas Suleimenov, Jomo Kwame Sundaram, Immanuel Wallerstein, Paul Watson, Vladimir Yakunin, Muhammad Yunus
The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
The Mises Institute is thrilled to bring back this popular guide to ridiculous economic policy from the ancient world to modern times. This outstanding history illustrates the utter futility of fighting the market process through legislation. It always uses despotic measures to yield socially catastrophic results. It covers the ancient world, the Roman Republic and Empire, Medieval Europe, the first centuries of the U.S. and Canada, the French Revolution, the 19th century, World Wars I and II, the Nazis, the Soviets, postwar rent control, and the 1970s. It also includes a very helpful conclusion spelling out the theory of wage and price controls. This book is a treasure, and super entertaining!
