Antitrust outline.docx
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Antitrust outline.docx
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Antitrustoutline
Antitrustlaw11.22
1.Whatdoesanti-trustlawcover?
ØHorizontalrestraint:
1)prohibitingPrice-fixing;2)regulativemergers
ØVerticalrestraint:
1)Pricediscrimination;2)TyingArrangement
2.Whypromotecompetition?
ØMaximizeEconomicwelfare,benefitthecustomers:
1)productiveefficiency;2)lowpricesforconsumers;3)goodchoicesforconsumers
3.Whatarethebadresultsaboutcompetition?
ØSmallbusinessmenatadisadvantage,e.g.:
smallretailersnearWalmart;smallfarmers.
ØMonopoly:
1)ruinouscompetition;2)childlabor
CompetitiveMarket
4.NeoclassicalEconomicTheory
ØPerfectinformation
ØZerotransactioncosts
ØManyprovidersandconsumers
ØFreeentryandexit→preventmarketcanbeabused
ØActorsarerationalemaximizers—firms:
Actmaximizeprofits—consumer:
actmaximizeutility
ØFirmsandconsumersare“Pricetakers”—marketdeterminetheprice+actionsdon’taffecttheprice
ØDecliningmarginalutilityinallgoods
ØDecliningmarginalproductivityinallinputs
⏹Marginal:
theadditionorlosstothetotalfromthelastunityouinputtothemarket
MC:
changeintotalcostfromthelastunitofoutput
5.Whatisdecliningmarginalutility?
e.g.:
BicycleCo.—increasingMC&Icecream—decliningutility
6.Whatisdecliningmarginalproductivity?
e.g.:
workingontheland—decliningproductivity
7.Whatdoestheintersectionofthedemandcurveandsupplycurvestandfor?
NeoclassicalModel—competitivemarket
ØEquilibium:
S=D
ØSupplycurve:
theamountthesuppliersarewillingtosupplyatagivenprice
Demandcurve:
theamounttheconsumersarewillingtobuyatagivenprice
8.Whatarethecharacteristicsofthemonopoly?
ØInformationisnotperfect;thereistransactioncost;notmanyproviders;barrierstoentry&Exit;firmisa“pricesetter”—lessshoes>higherprice
9.Whatarethebadresultsaboutmonopoly?
ØLossefficientproduction;transferwelfarefromcustomerstoproducers;highprice
Competitionpolicy
10.ShouldChina(developingortransitionaleconomics)haveabroadcompetitionpolicy?
ØPros:
broadconsensus:
competitionisgood
--efficiency+lowprice+morechoices
ØCons:
fordevelopingortransitionaleconomics
--noteffective
--canbeabusedpolitically(ChicagoSchoolofEconomics:
marketcantakecareaboutit)
--somestabilityandmarketconstraining(encourageforeigninvestment)
--constrainingproducersfacilitatingEconomicsmonopoly
Justallowfreeentryintothedomesticmarket
11.Whatdoesacountryneedtomakeacompetitionpolicywork?
Freemarket
ØConsensusoncompetition
ØLegalinfrastructure
--welldefinedandstablepropertyright
--effectivecontractlaw
--workingcapitalmarket
--soundbankingsystem
--Robustofadministrativesystem
12.Problemsofnaturalmonopoly
e.g.:
Microsoftsystematiceconomy&gascompany
--regulateitbypublicofficers
13.Whatarethetwodivergentpoliticalforcesinglobaleconomy?
--Harmonization+nationalsovereignty
14.Whataretheprinciplesandmechanismsoftheglobaleconomy?
Principles:
transparency+freeinformation–competition+freeexchange+trust
Nationalsovereignty—dueregulation—efficiency
Mechanism:
militarycoercion;economiccoercion;economicrewards;modeling:
economydoinggreat;reciprocaladjustment;capacitybuilding
Antitrustlaw11.23
15.Whatarethedifferencesbetweenanti-trustremedialstructureinU.S.andEC?
⏹U.S.:
governmentenforcement(DOJ,FTC)
Criminalpenalties:
100millionforcompany,1millionforindividual,upto10yearsjail—DOJ:
mostarecriminal,mostserious
Privateenforcement—suedbyprivate
Trebledamages—incentivetosue
⏹EU:
governmentenforcement(Europeancommission)
Nocriminalpenalties
Notmuchprivateenforcement
Tort-individualcansueundertort
Discovery
Noincentiveoftrebledamages
⏹Subjective:
U.S.likeindividualism;competition,donotlikecentral-planning
EClessindividualism;likecentral-planning(largemarketconcentration—usedtoit,oilmonopoly)Korea,JapanmorelikeECway
16.Whatistheinteractionbtwgovernmentandindividual?
⏹Governmentlefttoprivate:
privatehasmoreincentive
⏹Follow-onsuit:
privatebenefitfromgovernmentsuit
17.SummaryofAntitrustlawsofUS
1890ShermanAct
Sec.1HorizontalAgreement(pricefixing)(broadlanguage:
Ct.constraints—reasonableness;DOJandprivatepartysuit)
Sec.2Monopolization–broadlanguage,Ct.constraint:
anti-competitiveeffects)
1914ClaytonAntitrustAct(enforcer:
DOJ;private)
Sec.2pricediscrimination
Sec.3Restrictionondeliverywithrivals
Sec.Sec.mergers
1914FederalCommissionAct(FTC)
Sec.5prohibitunfairmethodsofcompetition
18.Federalcourt(districtcourt,appealcourt,supremecourt)
Federallawdidn’tpre-emptstatelaw—statelawenforcedbystatecourt
19.PrivatePartySuit
⏹Privateindividuals
Classaction—collectiveactionproblem:
individualsnoincentive
Stategovernment:
Residentsofstate—“ParensPatriae”
⏹Whataretheelementstoprovedamagecauseofaction?
1)Material“Butfor”causation
2)Antitrustinjury—anti-competitiveinjurywhichantitrustlawisdesignedtoprevent
3)Proximatecausation—searchforbestplaintiff(directvictim(federal),notpopularinstatewhereindirectvictimsalsocansue
4)Provedamages—hardtoprove—proximateaboutamountsaresufficient,don’tneedcertainty
⏹Injunctiverelief
DOJ,FTC—violationoflaw
Privateparties
Ct.:
morecreative;likelytogiveinjunctivethaninotherareas
⏹Privatedamages—4yearsfromaccrual
Criminal—5years-moreserious
Injunctions—LachesLaxness–4years
⏹Fraudulentconcealmentdoctrine
ContinuingconductDoctrine
20.WhatarethelimitsandexceptionstoantitrustlawinU.S.?
ØStateactiondoctrine—petitionstoimmunitydoctrine
ØImplicitexemptions
Oldlaw—latterlawsimplicitlyacceptedtotheextentnecessaryforthelawtooperate
ØExpressexceptions(statute+courtdecisions)
--coops—baseball—charities—professionalreviewbodies
ØInsurance(stateregulation)
McCarran–FergusonAct
ØLabour
Workersinunionsareexempted,doesnotcoverindividualcontractors
ØInterstatecommerce
Nowverynarrowlyconstrued
Antitrustlaw12.24
ECcompetitionpolicy
21.1951Origin.ECSC
Cartel;misuseofmarketpower;mergercomtrol
1957ECtreatycompetitionpolicyArt.81-88
Art.81prohibitiononRestrictionAgreement
Art.82abuseofdominantpower
Enforcement
22.EClevel
--Directorate(Takemostseriouscases;makegeneralpolicyrules;playanadministrativerule)
--commissionofcompetitionpolicy
Nationallevel
--nationalcompetitionauthorities(NCAs)
--nationalcourts
(Commissiontakesthecase,butinUS,DOJasaprosecutorbringinfederalcourt—thepowerinUSismorediverse
InEU,relymoreontheadministrativepart—commissionismorepowerfulthaninU.S.
Faster,quicker,moreefficiencyv.badadministrator)
23.WhataretheadvantagesanddisadvantagesoftheEUantitrustremedialstructure(relianceontheadministrativeprocedure,privatecauseofaction,criminalsanction,andremedies)?
ØUseofadministrativeprocedure
ØPrivatecauseofaction(US:
importantpart;EU:
tort—possible—rare(poordiscoveryrules;notrebledamages;loserpaidtheattorneyfees)
US:
importantwayforpeopleaddresswhenDOJdidnotsupport
EU:
moretrustinadministrative
ØNocriminalsanction(inUS,usemorethanbefore)
ØNotrebledamages
ØStateactionexceptionnarrowerinEurope
24.Initiationofclaims&remedies
A.InitiationofactionsinEC
--privatecomplaint(anonymous)
--complaintNCAs(informationexchange)
--ECcaninitiateitsownactions
B.Possibleremedies
--cease&desistorder
--behaviorial&structuralremedies
--interimmeasures
--settlement
--finesmax10%firmsgrossrevenue
--Guidelineletters
25.WhatarethejudicialreviewsofEuropeCommission’sdecisions?
ØAnnulmentproceedings
CourtofFirstInstance(CFI,fact)
ECJ(law)
ØRevisionoffines
Usuallydeceasefines—incentiveforpeopletoraise
ØSuspensionofECorder(interim)
ØClaimsagainstEuropeancommission:
abuseofpower
26.WhatarethelimitsontheECcompetitionlaw?
ØCoverspublicentitiesexceptinRoleasRegulators
ØStatecompulsiondefense
ØActofstateoffenseEUcantellnationalindividualtheyareviolatingArt.8182—notpassalawagainstnationallaws
ØSectorsexempted
--agriculture—“Fulfillingspecialculture&socialneeds”
--transport
--defenseindustry
ØPurelyIntrastatecommerceisexempted
Antitrustlaw12.26
27.WhataretheproblemsofChina?
⏹Regionalism
--toobigforpurelycentraladministration
--consciouspolicyofregionalself-sufficient
--transportation
ØInefficiency;don’tachieveeconomyofscale;excesscapacity
Solutions:
ØCompetitionpolicythatprohibitregionaldiscriminationbyregionalauthority
ØEncouragerationalmarket
⏹ProblemofSOEs&State-ownedbanks
--SOEsnotalwaysefficient
--notresponsivetoprivateownerorequity
--getbadloansfromstate-ownedbanks—threatenssolvencyofbankfinancialsystem
Solutions:
--reducesrelianceonstate-ownedenterprises
--requiresSOE&Bankscompete
⏹Problemofthestrengthoftheruleoflawandthevigoroflawenforcement
--confusioninRegulation&enforcement(centralgovernment®ionalgovernment;Dualism:
official&party)
--Roleofgovernment
“Tremble&obey”“inconsistentwithfreemarket”
--judicialhaslittlepower(civillaw+legalprofession)
Solutions:
ØCompetitionpolicywithclearconsistent&vigorousenforcement
ØProofisinthebudding
28.AML2007
Art.8Regionalism—enforcement
Art.10Vigorousenforcement
Art.13ShermanActgeneralpronouncement
Ct.toobroad—interpretitwithreason
China:
b
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