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An Instrumental Theory Of Market Power And Antitrust Policy, Jeffrey L. Harrison
An Instrumental Theory Of Market Power And Antitrust Policy, Jeffrey L. Harrison
Jeffrey L Harrison
Since Judge Hand's pivotal opinion in United States v. Aluminum Company of America (Alcoa), the possession of monopoly power has been treated as presumptively legal. The focus of the antitrust laws since then has been on defining when that power is abused. This approach to market power cannot be squared with the prevailing view that antitrust law is grounded in economic theory. To understand why, one must see market power for what it is: the ability of a firm to raise prices above competitive levels and to profitably keep them there. Seen in this light, market power is indistinguishable from …
China's Competition Policy Reforms: The Anti-Monopoly Law And Beyond, Bruce M. Owen, Su Sun, Wentong Zheng
China's Competition Policy Reforms: The Anti-Monopoly Law And Beyond, Bruce M. Owen, Su Sun, Wentong Zheng
Wentong Zheng
In August 2007, China adopted the Antimonopoly Law, its first comprehensive antitrust legislation, thirteen years after the drafting of the law began. Such a protracted legislative process is highly unusual in China, and can only be explained by the controversies the law presents. This paper discusses the fundamental issues in China’s economy that give rise to the challenges China faced in the drafting and adoption of the Antimonopoly Law. Those fundamental issues include the role of state-owned enterprises, perceived excessive competition, mergers and acquisitions by foreign companies, administrative monopolies, and the enforcement of the Antimonopoly Law. How China will enforce …