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Articles 151 - 164 of 164
Full-Text Articles in Law
Making Money: Leverage And Private Sector Money Creation, Margaret M. Blair
Making Money: Leverage And Private Sector Money Creation, Margaret M. Blair
Seattle University Law Review
Contrary to the beliefs of most macroeconomists, the financial sector in the United States has grown too large in the last few decades as a consequence of financial innovation that has encouraged the use of too much “leverage” (financing with debt) by financial institutions (as well as by consumers and other borrowers). In Part II, I connect the dots between excessive leverage, risk, and financial market volatility. In Part III, I explore the role that the “shadow-banking sector” has had in driving leverage. In Part IV, I explain why leverage at the level of financial institutions matters for the macroeconomy. …
The Governance And Disclosure Of The Firm As An Enterprise Entity, Yuri Biondi
The Governance And Disclosure Of The Firm As An Enterprise Entity, Yuri Biondi
Seattle University Law Review
During recent decades, the rapid pace of financial markets involving new modes of management, governance, and regulation has framed business firms. This corporate drift toward financialization is summarized under the “shareholder value” label. What do financial markets do? Unequivocally, they organize trading on shares that are securities: tradable financial entitlements established by law, which formalize expectations, and claims of financial rents paid by the issuing company. Actually, how continued quotation on share exchanges came to be the barometer of economic or social welfare is a different matter. The latter adoption has required quite a great leap from “the euthanasia of …
Rationales And Designs To Implement An Institutional Big Bang In The Governance Of Global Finance, Emilios Avgouleas
Rationales And Designs To Implement An Institutional Big Bang In The Governance Of Global Finance, Emilios Avgouleas
Seattle University Law Review
The colossal challenges facing international finance pertain to both its governance system and its dual utility and speculative functions, which have become ever more intertwined with the advent of financial innovation. In the aftermath of the Global Financial Crisis (GFC), a number of significant reforms are under way to address the second issue, including additional capital and liquidity requirements for banks, measures to battle interconnectedness in the financial sector, new resolution regimes that would allow banks to fail more easily, and stricter frameworks for bank supervision and monitoring of systemic risk. Yet limited progress has been made with respect to …
Framing Address: A Framework For Analyzing Financial Market Transformation, Steven L. Schwarcz
Framing Address: A Framework For Analyzing Financial Market Transformation, Steven L. Schwarcz
Seattle University Law Review
The title of this Symposium originally was “Rethinking Financial and Securities Markets.” It is, of course, somewhat presumptuous for scholars to try to rethink financial markets per se. Markets, including financial markets, are driven primarily by supply and demand. But scholars can and should try to influence the future of financial markets by rethinking their fundamental aspects. This Symposium presents work from leading scholars in the fields of law, economics, finance, and accounting. I will try to frame the discussion from the perspectives of these four disciplines. First, however, we need to identify what it is about financial markets that …
The Importance Of History To The Design Of Competition Policy Strategy: The Federal Trade Commission And Intellectual Property Law, William E. Kovacic
The Importance Of History To The Design Of Competition Policy Strategy: The Federal Trade Commission And Intellectual Property Law, William E. Kovacic
Seattle University Law Review
The Article's framework for considering the value of history in shaping strategy is the effort of the Federal Trade Commission (FTC) to apply its competition policy powers to issues involving intellectual property (IP). The Article chooses the example of intellectual property because of its importance to the modern work of the FTC and the increasingly significant place that intellectual property and, more generally, technology-driven innovation hold in the field of competition policy. To provide context for the discussion, Part II of the Article presents a profile of the FTC's modern competition policy initiatives concerning intellectual property. Part III then reviews …
Patent Ships Sail An Antitrust Sea, Joseph Scott Miller
Patent Ships Sail An Antitrust Sea, Joseph Scott Miller
Seattle University Law Review
The deeper truths evoked by patent ships sailing an antitrust sea are three. First, free competition is the pervasive, baseline reality, the background norm; patent protection is the temporary, partial exception. Second, we grasp both patent and antitrust policy with a common science: economics. Third, although neither patent nor antitrust law doctrines are good tools for fixing fundamental problems in the other body of law, both bodies of law help us better understand the shortcomings of the other. I explore these ideas in turn, below.
Antitrust Issues In The Settlement Of Patent Disputes, Part Iii, Thomas B. Leary
Antitrust Issues In The Settlement Of Patent Disputes, Part Iii, Thomas B. Leary
Seattle University Law Review
Once again, I will address the issue of litigation settlements between companies that hold patents on pharmaceutical products (sometimes "pioneers") and would-be generic entrants ("generics") who challenge the validity of the patent and/or a claim of infringement. This discussion will focus on the Tamoxifen opinion, with passing reference to other decisions. Obviously, reasonable people can disagree on these issues, but I still believe the Commission's approach in Schering was correct.
The Robinson-Patman Act And Consumer Welfare: Has Volvo Reconciled Them?, John B. Kirkwood
The Robinson-Patman Act And Consumer Welfare: Has Volvo Reconciled Them?, John B. Kirkwood
Seattle University Law Review
In this article, I address that broader question. In Part II, I summarize the facts and opinions in Volvo, particularly the final section of the majority opinion where the Court observed that Volvo's discrimination was procompetitive. In Part III, I review the growing consensus in antitrust law that the fundamental goal of the antitrust statutes (other than the Robinson-Patman Act) is to promote consumer welfare. Today when most courts say that a practice furthers competition, they mean that it improves consumer welfare-specifically, the welfare of consumers in the relevant market. In Part IV, I use that interpretation of …
Independent Ink At The Crossroads Of Antitrust And Intellectual Property Law: The Court's Holding Regarding Market Power In Cases Involving Patents And Implications In Cases Involving Copyrights, Leonard J. Feldman, Rima J. Alaily, Chad D. Farrell
Independent Ink At The Crossroads Of Antitrust And Intellectual Property Law: The Court's Holding Regarding Market Power In Cases Involving Patents And Implications In Cases Involving Copyrights, Leonard J. Feldman, Rima J. Alaily, Chad D. Farrell
Seattle University Law Review
By eliminating the market power presumption for patent holders, Independent Ink calls into question the presumption's continued validity for tying arrangements involving copyrights. While the Court's holding directly applies only to patents, we present three reasons why, after Independent Ink, the presumption can no longer be viable in antitrust lawsuits challenging a tying arrangement involving a copyrighted product. First, the Court's rationale for eliminating the presumption including citations to extensive academic writings, agency guidelines, and legislative amendments precludes the presumption's continued application in any other context. Second, copyrights are significantly less likely than patents to confer market power because …
Death By A Thousand Signatures: The Rise Of Restrictive Ballot Access Laws And The Decline Of Electoral Competition In The United States, Oliver Hall
Seattle University Law Review
This Article explores one instance of the countermajoritarian problem in American democracy: how to protect the rights of minor parties and independent candidates participating in an electoral system dominated by two major parties. In particular, this Article focuses on the effect of modern ballot access laws on candidates' rights, arguing that courts ought to treat these laws as a presumptively impermissible form of "collusion in restraint of democracy." Although the article borrows the language of antitrust law, this argument is rooted in core constitutional principles and rights guaranteed under the First and Fourteenth Amendments. Nevertheless, the analogy to antitrust law …
Maximum Vertical Price Fixing From Albrecht Through Brunswick To Khan: An Antitrust Odyssey, James M. Fesmire
Maximum Vertical Price Fixing From Albrecht Through Brunswick To Khan: An Antitrust Odyssey, James M. Fesmire
Seattle University Law Review
The article attempts to sort out some of this confusion caused by the legal journey from Albrecht to Khan by portraying that long road as a successful example of the antitrust injury doctrine's ability to bring substantive antitrust law into compliance with the goals of antitrust. First, the article examines how the existence of successive monopoly provides an incentive for maximum vertical price fixing and how maximum vertical price fixing leads to an increase in consumer welfare. Second, it examines manufacturer alternatives to vertical price restraints, finding them less attractive in terms of social welfare. Third, the article analyzes other …
Monopsony And Backward Integration: Section 2 Violations In The Buyer's Market, Susan E. Foster, C.P.A.
Monopsony And Backward Integration: Section 2 Violations In The Buyer's Market, Susan E. Foster, C.P.A.
Seattle University Law Review
This Comment will focus on the application of section 2 of the Sherman Antitrust Act to actions in the buyer's market. After briefly reviewing general antitrust law, this Comment will explore the status of antitrust claims in the buyer's market under both section 1 and section 2. The necessary elements of a section 2 monopsony claim will then be reviewed with particular emphasis on the types of buyer activities that might support a seller's claim under this section. As will be shown, the anticompetitive effect of these activities provides the major distinction between actions in the buyer's and seller's market. …
A Free Press: The Forgotten Issue In Home Placement V. Providence Journal, Robert J. Curran
A Free Press: The Forgotten Issue In Home Placement V. Providence Journal, Robert J. Curran
Seattle University Law Review
This Note demonstrates that the court's decision in Home Placement did infringe upon protected first amendment activity. Since free speech and free press guarantees were threatened by the government's action, the court should have balanced the competing interests and held in favor of Home Placement only upon a showing of a compelling state interest. After examining the interests of the advertiser, the reader, the government, and the newspaper, this Note concludes that the newspaper's right to control its message and to make editorial decisions free from the threat of governmental interference overbalance the antitrust claim made in this case. A …
Attempt To Monopolize: Dangerous Probability Of Success As An Obstacle To Enforcing Section 2 Of The Sherman Act, John C. Bjorkman
Attempt To Monopolize: Dangerous Probability Of Success As An Obstacle To Enforcing Section 2 Of The Sherman Act, John C. Bjorkman
Seattle University Law Review
This Comment analyzes the conflicting definitions of "attempt to monopolize" as applied to the Sherman Act. First, the Comment outlines the majority position requiring proof of "dangerous probability of success" in an "attempt to monopolize" case under section 2 of the Sherman Act. Next, the Comment examines the minority position and finds that it raises countervailing concerns that warrant eliminating the "dangerous probability of success" requirement. Finally, this Comment concludes that the "dangerous probability of success" element adds nothing but confusion to the "attempt to monopolize" analysis and should therefore be eliminated.