Overview

The growth and integration of national and global markets should make the world more competitive and antitrust policy less important. Instead, globalization has produced a veritable antitrust proliferation. When corporate transactions routinely cross borders, anti-competitive practices in one jurisdiction invariably affect producers and consumers in another. A system in which each affected jurisdiction gets to apply its own competition rules to those transactions poses a danger of grave political conflicts and, moreover, intolerable costs for producers, who must comply with the often conflicting demands of multiple jurisdictions. Moreover, states have powerful incentives to permit domestic industries to exploit outsiders, or even to facilitate such practices. High-profile antitrust conflicts, from the prosecution of Microsoft in state, national, and international forums to the transatlantic disagreement over the European Union's merger policy, illustrate the difficulties. Possible solutions to these problems range from improved intergovernmental cooperation, to direct policy harmonization, to a new regime of structured competition in antitrust policy modeled on U.S. corporation law.

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9780844742014

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Richard A. Epstein is the James Parker Hall Distinguished Service Professor at the University of Chicago and Peter and Kirsten Bedford Senior Fellow at the Hoover Institution. Epstein is the author of many books including Simple Rules for a Complex World (Harvard, 1995). Michael S. Greve is the John G. Searle Scholar and Director of the Federalism Project at the American Enterprise Institute. He is the author of Real Federalism: Why It Matters, How It Could Happen (AEI Press, 1999).

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