Antitrust and Trade Regulation Commons^™

Modern Economic Analysis And Antitrust Law: A Guide, Steven C. Salop

Georgetown Law Faculty Publications and Other Works

This book presents a modern economics approach to antitrust law. It expands upon and supplements traditional legal analysis of antitrust law and policy. It does so by analyzing antitrust legal standards and case law through the lenses of industrial organization economics and decision theory. The work is intended to be a comprehensive introductory guide for students, practitioners, and anyone else interested in learning the core of modern antitrust economics. Understanding the economics of antitrust and decision theory and applying that reasoning to specific cases and issues are critical steps for successfully studying and practicing antitrust law and policy. It treats …

Public, Private, Acquired, Alexander I. Platt, Matthew T. Wansley

Articles

For the last quarter-century, IPOs have been declining. SEC officials usually attribute the decline to startups’ choices to stay private. But that explanation is incomplete. As startups grow, they face a three-way choice between going public, staying private, and being acquired, and they have increasingly chosen the third option. In this Essay, we show how securities regulation pushes startups towards acquisitions by increasing the cost of raising capital and accessing liquidity in both public and private markets. We consider how the trend towards acquisitions could reduce competition, innovation, opportunities for diversification, and transparency. And we offer suggestions for how the …

Adjudicating Fake News, Filippo Lancieri, Caio Mario Da Silva Pereira Neto, Rodrigo Moura Karolczak, Barbara Marchiori De Assis

Georgetown Law Faculty Publications and Other Works

On July 30, 2025, U.S. President Donald Trump imposed 50% tariffs on imports from Brazil and sanctioned a sitting Brazilian Supreme Court Justice, both partially because of Brazil’s online content moderation decisions. This is an extreme, but not an isolated event: worldwide, legislators and regulators struggle to craft public policies that address problems of disinformation and online harassment while protecting the freedom of expression—leading to increasing international confrontations. One key question in content moderation is content adjudication—or who is responsible for deciding what type of speech violates the law and should be taken down (or not). This article contributes to …

From Tech To Table: Moving Sustainable Proteins Beyond Marketplace Bottlenecks, Andy Fitch, Cynthia Hanawalt

Sabin Center for Climate Change Law

Climate advocates may hope to see dramatic commercial breakthroughs over the next several decades that reshape emissions-intensive components of our everyday lives, such as our dietary choices, household energy use, and transportation habits. Yet transforming these consumer sectors will require not only scientific ingenuity and entrepreneurial ambition, but also nimble competition policy to address complex market dynamics.

Sustainable food production likely necessitates substantial departure from traditional livestock-management practices. Agricultural production currently generates about one-third of global greenhouse gas emissions (“GHGs”). Animal livestock account for the largest share, while occupying roughly 40% of the Earth’s habitable land, much of which could …

Defining Civil Rico's "Injury To Business Or Property" Requirement: The Supreme Court Takes A Few Steps, Says It Punts, But Actually Fumbles, Randy D. Gordon

Faculty Scholarship

Throughout its history, the RICO statute has presented lawyers with something of an interpretive parlor game. It is indefinite along multiple dimensions and thereby given multiple interpretations, even down to the word level. In Medical Marijuana v. Horn, the Supreme Court set out to define one of RICO's civil-standing provisions: Namely, whether the statute's "injury to business or property" requirement can be satisfied when a plaintiff suffers both economic and personal injuries. In a 5-4 decision, members of the Court engaged in an interpretive battle over the meaning of the phrase and succeeded only in holding that civil RICO does …

China Samr’S Review Process In Cross-Border Technology M&A, Gabriel A. Paknia

Honors Scholar Theses

China's State Administration for Market Regulation (SAMR) holds discretionary authority over the merger review process. This paper examines whether SAMR's review of technology and semiconductor transactions since the governing body's inception in 2018 reflects political-economic incentives beyond what competitive harm analysis alone would explain. The paper is broken into three core pillars: accessing SAMR's regulatory code to identify how flexibility to exercise discretion is codified, scrutinizing SAMR's full adverse outcome record for overrepresentation of technology and semiconductor deals, and deconstructing a semiconductor megamerger to illustrate those mechanisms with the backdrop of real time geopolitical events. I find that technology and …

Antitrust And Economic Liberty, Doha Mekki

Center for Law and the Economy

Over the last few years, antitrust plaintiffs have won important victories in cases against digital platforms. They’ve won important cases involving real estate associations, elite private colleges, sports leagues, pharmaceutical companies, pork processors, and health insurers. In some cases, they have secured record-breaking jury verdicts and redress for harmed individuals.

The U.S. Department of Justice’s Antitrust Division has been active too. Last year, a federal court held that Google illegally maintained monopolies in general internet search and related search advertising markets. That case is about access to the information we see and use to make decisions about how we want …

Reverse Breakup Fees And Antitrust Approval, Albert H. Choi, Abraham L. Wickelgren

Law & Economics Working Papers

The paper examines the antitrust implications of use of reverse breakup (termination) fees in mergers. By promising to pay a reverse breakup fee to the target if the proposed merger does not get the necessary antitrust approval, the acquirer can signal to the antitrust authority that the merger is more likely to be pro-competitive. A large reverse breakup fee can also function as a commitment device by the acquirer to spend more resources in case the merger is challenged by the antitrust authority. While the first, signaling function is efficiency enhancing, the second, commitment function can lead to an efficiency …

The Lost Origins Of Antitrust, William Magnuson

Faculty Scholarship

Over the last decade, the once-sleepy field of antitrust has suddenly sprung to the forefront of public attention. The digitalization of the economy, the expansion of Big Tech, and the rise of platform monopolies have all raised deep questions about the nature of corporate power and law’s capacity to constrain it. Some scholars have argued that antitrust enforcement must be reinvigorated in substance and broadened in scope in order to combat rapidly rising economic inequality. Others have argued that antitrust law is ill-equipped to address these broad moral issues and instead must be re-focused on its traditional principles of consumer …

Liberal Trade And President Trump: Never The Twain Shall Meet, Joel Adu-Quaye, Petros C. Mavroidis

Faculty Scholarship

This paper seeks to distinguish between two consequences of the tariff policies enacted by both Trump administrations: (1) their adverse effects on free trade and (2) the existential damage inflicted upon the transnational institutions responsible for enforcing its rules and obligations. Although difficult to quantify the latter, there is an intuitive sense that this is what matters most. The global order appears to be shifting from a rule-based framework to one characterized by increasing disorder and unpredictability. Within this new world order, actions are permissible so long as they align with the, often ill-defined, national interests of powerful nations.

Shaping Corporate Behavior Through Enforcement: Evidence From The No-Poach Initiative, Lorenzo G. Luisetto

Law Faculty Articles and Essays

In recent years, government entities have pursued legal action against restrictive clauses in employment contracts that limit labor mobility and may stifle competition in both labor and product markets. To date, however, little is known about how firms respond to enforcement actions aimed at regulating the relationships they have with their employees. Leveraging a sample of 293 franchisors, in this paper I investigate the spillover effects of the so-called “No-Poach Initiative,” an unprecedent enforcement action launched by the Antitrust Division of the State of Washington Attorney General’s Office in January 2018. This initiative resulted in 237 franchisors (39 of which …

Control Capture And Competition, D. Daniel Sokol, Robert J. Rhee

UF Law Faculty Publications

This Essay identifies an emerging problem in antitrust law and policy, particularly in the technology industry. Antitrust doctrine has historically revolved around internal control of firm, i.e., equity acquisition. It focuses on the capture of internal control. Mergers and acquisitions trigger regulatory review. In these deals, the locus of anticompetitive behavior lies in ownership and internal governance. However, one can capture control through various ways. An emerging problem in antitrust law is external exertion of control through contract. Competition can be stifled, and thus price, non-price, and innovation factors can be controlled or manipulated through the levers of control existing …

Patent Law's Trade Remedy, Michael Doane

Akron Law Faculty Publications

Although a trade remedy, not an intellectual property rights statute, Section 337 of the Tariff Act of 1930 plays an important and controversial role in the enforcement of intellectual property rights in the United States. As a trade remedy, Section 337 is designed and intended to promote innovation and investment in the United States through support of statutorily defined domestic industries against unfair competition from infringing imported products. This Article analyzes Section 337 as a trade remedy from the perspective of intellectual property rights owners and innovators such as start-up companies, universities, individual inventors, and other research and development-focused entities. …

Rethinking Legal Models For Aligning U.S.-African Trade And The Afcfta, Katrin Kuhlmann

Georgetown Law Faculty Publications and Other Works

The U.S.-African trade relationship has become increasingly volatile and conditional, with significant implications for supply chains, trade corridors, and regional and global markets. This relationship has historically been based on a unilateral, preferential legal approach through a trade preference programme – the African Growth and Opportunity Act (AGOA) – under which individual countries petition for eligibility to receive duty-free treatment. AGOA expired in September 2025 in the midst of U.S. tariffs, but in early 2026 the programme was retroactively reauthorised through December 2026, with further application subject to “modernisation” and alignment with the “America First” policy. While many see reauthorisation …

Religious Riders And The Sherman Act, Bailey Sanders

Faculty Scholarship

Can corporations engage in anticompetitive behavior on the basis of religious belief? While the answer may seem like an obvious no, in fact this question has largely been overlooked. It has hovered at the margins of the debate over religious exemptions: Proponents of religious exemptions have essentially argued that there is no harm in providing such exemptions to businesses because a competitive market will ensure consumers who might be denied services or goods by a religious firm can still obtain those goods and services elsewhere. But what if religiously minded businesses act in ways that are specifically designed to limit …

Are Private Equity Funds Liable For Anticompetitive Acquisitions?, Aslihan Asil, Paulo Henrique Alcantara Ramos, Amanda Starc, Thomas Wollmann

Faculty Scholarship

Private equity acquisitions grew tenfold over the past two decades. Over the same period, their focus shifted from financial engineering to industry consolidation, raising antitrust concerns. Heightening these concerns, privately backed acquisitions of competitors historically escaped detection by federal antitrust authorities in their incipiency because they fell below the reporting thresholds of the Premerger Notification Program. However, academic studies and agency investigations are now unearthing these transactions. Most salient is a recent complaint filed by the Federal Trade Commission challenging a series of acquisitions stretching back ten years.

In the wave of litigation that is likely to follow this “groundbreaking” …

Rethinking The Key Role Of Private Antitrust Enforcement, Filippo Lancieri

Georgetown Law Faculty Publications and Other Works

This Article focuses on the institutional design of American competition policy. It argues that any long-term effective revival of U.S. antitrust policy requires a better acknowledgement of the key and irreplaceable role played by private litigation and proposes a rethink of private anti-trust enforcement policy.

To unpack the nuanced interconnection between public and private competition enforcement, the Article begins by tracing the rise and fall of private antitrust. It builds on a novel, hand-coded, and comprehensive analysis of the entire Supreme Court antitrust track record—all 474 decisions over 130 years—to outline how an ideologically …

Did The Dodgers Ruin Baseball? Why Mlb’S Antitrust Exemption Stands In The Way Of A More Competitive League, Jack Ross

Cardozo Arts & Entertainment Law Journal (AELJ) Blog

After the Los Angeles Dodgers’ series win over the Milwaukee Brewers in the National League Championship Series, Dodgers manager, Dave Roberts, remembered that, “[b]efore the season started, they said, ‘The Dodgers are ruining baseball … Let’s get four more wins and really ruin baseball. Let’s go!’” Because of this win, Roberts and the Dodgers made good on their promise by going on to win their second straight World Series. No, the Dodgers did not ruin baseball, but their dominance is representative of the growing disparity in competition between large and small-market teams.

Cardozo’S Sports Law Society And Antitrust Society Host House Settlement Lecture And Panel, Bradley Rosen

Cardozo Arts & Entertainment Law Journal (AELJ) Blog

Panelists for the event: Professor Marc Edelman, Bob Boland (Partner, Shumaker LLP), Michael Hsu (Co-founder, College Basketball Players Association), Adam Dale (Partner, Winston & Strawn LLP), Neha Vyas (Associate, Winston & Strawn LLP), Paul McDonald (Managing Partner, PL McDonald Law LLC), and Chris Brolley (Associate, Troutman Pepper Locke LLP).

On Wednesday, November 12, 2025, Cardozo’s Sports Law Society and Antitrust Society hosted a lecture and panel discussion regarding the implications of the House v. NCAA lawsuit and settlement. This included the potential for future antitrust liability as a result of the settlement, Title IX implications, the employment status of college …

No Exit, Brian J. Broughman, Matthew Wansley, Samuel N. Weinstein

Articles

Fast-growing startups in search of capital and liquidity have traditionally sought to exit the private capital market through M&A or IPO. Until recently, antitrust enforcers rarely challenged startup acquisitions. But under the Biden administration, enforcers worried about the growing dominance of Big Tech sued to block more startup deals. Since antitrust restricts M&A but not IPOs, one might expect that greater antitrust enforcement would cause startups to substitute one kind of exit for another, leading to more IPOs. That did not happen. While M&A and IPOs both provide liquidity, they are not perfect substitutes. We model heterogeneity in M&A and …

Antitrust’S Consumer Tradeoffs, Samuel N. Weinstein

Articles

In modern antitrust law, courts are required to ask only one question: did the challenged action harm consumers? This Article asks a different question: which consumers? Over the last few decades, the Supreme Court has increasingly required antitrust plaintiffs to prove not only that they were harmed, but also that their harm outweighed any other consumers’ gains. The doctrine forces courts to pit groups of consumers against each other. In Amex, it was merchants against credit card holders. In Brooke Group, it was consumers buying a product during predation against consumers buying it during recoupment. In cases involving aftermarkets for …

The Problem Of Market Power In Postwar America: Antitrust Law, Regulatory Discourse, And Changing Ideas Of Market Power, Laura Phillips-Sawyer

Scholarly Works

US antitrust law prohibits anticompetitive restraints of trade, including collusion among firms and single-firm monopolization. The law serves as a democratic check against concentrations of private economic power. However, in the post-World War II era, the law has changed largely through case law, rather than through statutory interventions. Thus, understanding the role that antitrust law has played in reconciling capitalism and democracy requires us to ask what has influenced changes to antitrust law. This chapter traces antitrust law’s postwar development across three key periods: 1940–1970s, mid-1970s to 2010s, and 2010s to present. It argues that each era’s approach to the …

Politicization Of Antitrust: Part Ii - Politics And Communication By Antitrust Enforcers, Stephen Calkins

Law Faculty Research Publications

Early communications from the new Trump antitrust agencies seem unusually partisan. One can find multiple references to Make America Great Again and ushering in America’s Golden Age. Veteran observers’ instinct is that this is not business as usual. This essay checks that intuition against some facts. In particular, it examines press releases introducing officials and/ or referring to the White House, and the first ten speeches or other publications (as collected on agency websites) for current FTC Chairman Andrew Ferguson, Assistant Attorney General Abigail Slater, and a good number of their predecessors. The conclusion: yes, things are different. The typical …

Two Cheers For The Revolving Door, Stephen Calkins, Erica Straus

Law Faculty Research Publications

Where do top US government antitrust lawyers come from – and go to? The so-called “revolving door” has long been a familiar part of the process. In recent years and especially during the Biden Administration, this custom has attracted increased attention and concern. What are the facts? This chapter sets out, in detailed tables, the background and subsequent employment of top government antitrust lawyers. Many enforcers came from major law firms (FTC commissioners much less frequently than others) and leave for major law firms. (Although studied in less detail, top state antitrust enforcers are starting to transition to major law …

The Essence Of An Antitrust Violation, Thomas A. Lambert

Faculty Publications

Judicial embrace of the consumer welfare standard reduced the indeterminacy and political manipulability of U.S. antitrust law. Continual invocations of antitrust’s consumer welfare focus, however, have created the misimpression that consumer harm is a sufficient, not merely a necessary, condition for condemning antitrust-relevant behaviors like agreements in restraint of trade and exclusion-causing unilateral acts. Such a “consumer harm sufficiency” view underlay the plaintiffs’ claims in Epic Games v. Apple and FTC v. Qualcomm and has inspired scholarly proposals to condemn various antitrust-relevant behaviors simply because they occasion consumer harm.

Antitrust economics and dynamic efficiency considerations call for rejection of the …

The Road To Hell Is Paved With Good Intentions: Patents, Pharmaceuticals, And Price Gouging, Madelyn Bird

Northern Illinois Law Review Supplement

Pharmaceutical companies are subject to monopolies of their own making in the pharmaceutical market. Legislators have tried to limit these monopolies by passing legislation in the hopes that it will lower prices. Unfortunately, these attempts to lower the costs of prescriptions have caused more issues to arise over time. When employing complex aspects of intellectual property law, such as evergreening and product hopping, there is no control exerted over pharmaceutical companies.

These monopolies in pharmaceutical markets exist because by the time generic products can enter the market, they have already become outdated. When the generics become outdated, they lose their …

Competition: Legal Landscape For Agri-Food Data, Anthony D. Rosborough

Reports & Public Policy Documents

This guidebook provides an overview of legal principles associated with competition law and dives deeper into a case study looking at the right to repair (R2R). Although the right to repair is a multifaceted issue, it can serve as a way to understand the application of competition law to digital agriculture technology. The first section of the guidebook provides an overview of the rationale and scope of Canadian competition law. This is followed by an exploration of the relationship between digital agricultural technology, farm data and competition. Finally, before looking at the right to repair, we will study a selection …

The Antitrust–Copyright Interface In The Age Of Generative Artificial Intelligence, Daryl Lim, Peter K. Yu

Faculty Scholarship

The U.S. government's antitrust actions against Big Tech have recently surged in response to the growing dominance of Amazon, Apple, Google, Meta, and Microsoft. In fall 2023, the Federal Trade Commission filed a controversial submission in response to the U.S. Copyright Office's request for comments on artificial intelligence (AI) and copyright. This submission hinted at the agency's eagerness to fully deploy its enforcement powers in the AI sector, including targeting AI developers that have used copyrighted works without authorization to train AI models.

This article examines the changing interface of antitrust and copyright law in the age of generative AI. …

Legal Market Decartelization, Milan Markovic, Nuno Garoupa

Faculty Scholarship

American lawyers’ grip on the legal market is receding. Scholars and policymakers increasingly agree that the public has little to lose and potentially much to gain from legal market decartelization - the weakening of the lawyers’ monopoly over the legal services market. Harkening to deregulatory initiatives abroad and in Arizona and Utah, reformers contend that removing restrictions on the corporate delivery of legal services and unauthorized practice of law will slash costs and expand access to justice.

Drawing on economic theory and recent market developments, this Article offers a cautionary rejoinder. Understandable concerns about cartelization and lawyer rent-seeking have led …

Presidential Regulation, Ganesh Sitaraman, Timothy Meyer

Vanderbilt Law School Faculty Publications

This Article documents and analyzes the rise of a new mode of economic governance: presidential regulation. Today, the President regularly bypasses not only Congress but also the executive branch’s own administrative agencies and directly imposes sweeping new economic regulations. President Biden, for instance, created new regulatory regimes governing producers of artificial-intelligence technologies, companies that trade […]