Market concentration is rising while economic competition — the bedrock of a dynamic, free market economy — is under threat. No wonder the framework that has guided antitrust enforcement for the last four decades is coming under intense scrutiny.
What the Future of U.S. Antitrust Should Look Like
It shouldn’t be a partisan issue.
January 09, 2018
Purviance/William T./The New York Public Library
Summary.
Competition is the foundation of a dynamic, free market economy. But as market concentration rises, what will the future of antitrust look like? Over the last several decades, at least three schools of thought have emerged: Both conservatives and progressives invoke “consumer welfare” as antitrust’s core concern, but they offer divergent interpretations of this concept. Meanwhile, populists regard the consumer welfare standard as inadequate because it pays no attention to the political dimension of antitrust. In this piece, the authors describe the merits and shortcomings of these different approaches, and conclude by providing several suggestions for how policymakers can develop a bipartisan antitrust regime.