Pub Date : 2021-07-22DOI: 10.1093/actrade/9780198860303.003.0007
Ariel Ezrachi
‘Who enforces the law?’ identifies who enforces competition and antitrust laws. In most countries, competition and antitrust laws can be utilized by the public enforcer (the competition agency) that is tasked with maintaining a competitive environment, or by private entities that use the competition provisions to protect their commercial interests, or to claim damages for loss caused by violation of competition law. In the US, at the federal level, two agencies share responsibility for competition enforcement. These are the Federal Trade Commission’s Bureau of Competition (FTC) and The Antitrust Division of the Department of Justice (DOJ). Meanwhile, EU law grants the European Commission primary responsibility for enforcing EU competition laws.
{"title":"6. Who enforces the law?","authors":"Ariel Ezrachi","doi":"10.1093/actrade/9780198860303.003.0007","DOIUrl":"https://doi.org/10.1093/actrade/9780198860303.003.0007","url":null,"abstract":"‘Who enforces the law?’ identifies who enforces competition and antitrust laws. In most countries, competition and antitrust laws can be utilized by the public enforcer (the competition agency) that is tasked with maintaining a competitive environment, or by private entities that use the competition provisions to protect their commercial interests, or to claim damages for loss caused by violation of competition law. In the US, at the federal level, two agencies share responsibility for competition enforcement. These are the Federal Trade Commission’s Bureau of Competition (FTC) and The Antitrust Division of the Department of Justice (DOJ). Meanwhile, EU law grants the European Commission primary responsibility for enforcing EU competition laws.","PeriodicalId":130977,"journal":{"name":"Competition and Antitrust Law: A Very Short Introduction","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124935147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-22DOI: 10.1093/ACTRADE/9780198860303.003.0005
Ariel Ezrachi
‘What is the optimal level of enforcement?’ focuses on competition law enforcement. All competition jurisdictions acknowledge the central and crucial role of economic analysis in shaping competition prosecution. Greater economic understanding has improved the structure of competition law through legal presumptions and thresholds, enforcement guidelines, and a greater understanding of the gravity and consequences of anti-competitive activities. Indeed, there has been an ever-increasing ‘economization’ of antitrust, as more jurisdictions rely on economic analysis to determine whether intervention is needed. When markets work well, competition enforcers are better off adopting a ‘laissez-faire’ approach (leaving the market to take its own course). Distinguishing pro-competitive activities from anti-competitive activities poses a challenge.
{"title":"4. What is the optimal level of enforcement?","authors":"Ariel Ezrachi","doi":"10.1093/ACTRADE/9780198860303.003.0005","DOIUrl":"https://doi.org/10.1093/ACTRADE/9780198860303.003.0005","url":null,"abstract":"‘What is the optimal level of enforcement?’ focuses on competition law enforcement. All competition jurisdictions acknowledge the central and crucial role of economic analysis in shaping competition prosecution. Greater economic understanding has improved the structure of competition law through legal presumptions and thresholds, enforcement guidelines, and a greater understanding of the gravity and consequences of anti-competitive activities. Indeed, there has been an ever-increasing ‘economization’ of antitrust, as more jurisdictions rely on economic analysis to determine whether intervention is needed. When markets work well, competition enforcers are better off adopting a ‘laissez-faire’ approach (leaving the market to take its own course). Distinguishing pro-competitive activities from anti-competitive activities poses a challenge.","PeriodicalId":130977,"journal":{"name":"Competition and Antitrust Law: A Very Short Introduction","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124945664","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-22DOI: 10.1093/ACTRADE/9780198860303.003.0011
Ariel Ezrachi
‘Mergers and acquisitions’ discusses mergers and acquisitions. While of potential benefit to society, mergers, takeovers, share acquisitions, and joint ventures also affect the market structure, and at times may reduce competition. When markets become more concentrated following a merger, we move further away from a competitive market structure to a structure in which market power might undermine the competitive process. To address this risk, the competition agency must assess the impact of the transaction. There are important procedural differences between the European administrative system and the US system in terms of the appraisal of mergers and acquisitions. Other types of mergers include: horizontal mergers, vertical mergers, and conglomerate transactions.
{"title":"10. Mergers and acquisitions","authors":"Ariel Ezrachi","doi":"10.1093/ACTRADE/9780198860303.003.0011","DOIUrl":"https://doi.org/10.1093/ACTRADE/9780198860303.003.0011","url":null,"abstract":"‘Mergers and acquisitions’ discusses mergers and acquisitions. While of potential benefit to society, mergers, takeovers, share acquisitions, and joint ventures also affect the market structure, and at times may reduce competition. When markets become more concentrated following a merger, we move further away from a competitive market structure to a structure in which market power might undermine the competitive process. To address this risk, the competition agency must assess the impact of the transaction. There are important procedural differences between the European administrative system and the US system in terms of the appraisal of mergers and acquisitions. Other types of mergers include: horizontal mergers, vertical mergers, and conglomerate transactions.","PeriodicalId":130977,"journal":{"name":"Competition and Antitrust Law: A Very Short Introduction","volume":"148 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122345945","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-22DOI: 10.1093/ACTRADE/9780198860303.003.0010
Ariel Ezrachi
‘Monopolies and the abuse of market power’ studies monopolies and the abuse of market power. The first step in applying competition law to misuse of market power is the identification of such power. How powerful should you be to be deemed to have market power that could trigger antitrust intervention? Many jurisdictions will use the benchmark of ‘dominant position’, some will use ‘monopoly power’ or ‘monopolization’, while others may focus on the presence of ‘superior bargaining position’. There is a difference in approach between the US and EU competition laws which can be seen through several categories of abuse and monopolization, including predatory pricing, excessive pricing, and refusal to supply or license.
{"title":"9. Monopolies and the abuse of market power","authors":"Ariel Ezrachi","doi":"10.1093/ACTRADE/9780198860303.003.0010","DOIUrl":"https://doi.org/10.1093/ACTRADE/9780198860303.003.0010","url":null,"abstract":"‘Monopolies and the abuse of market power’ studies monopolies and the abuse of market power. The first step in applying competition law to misuse of market power is the identification of such power. How powerful should you be to be deemed to have market power that could trigger antitrust intervention? Many jurisdictions will use the benchmark of ‘dominant position’, some will use ‘monopoly power’ or ‘monopolization’, while others may focus on the presence of ‘superior bargaining position’. There is a difference in approach between the US and EU competition laws which can be seen through several categories of abuse and monopolization, including predatory pricing, excessive pricing, and refusal to supply or license.","PeriodicalId":130977,"journal":{"name":"Competition and Antitrust Law: A Very Short Introduction","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126738816","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-22DOI: 10.1093/actrade/9780198860303.003.0009
Ariel Ezrachi
‘Horizontal and vertical agreements’ explores the application of US and EU competition laws to horizontal and vertical agreements. Horizontal collaborations and agreements take place between companies at the same level of manufacturing, distribution, or retail. A horizontal cooperation agreement may include restrictions on companies’ freedom to compete on their operation, or may include provisions which facilitate exchange of sensitive information. It is worth considering information exchange agreements. Meanwhile, vertical agreements are agreements between companies operating at different levels of the production or distribution chain. Exclusive distribution agreements and most-favoured-nation clauses (MFN) illustrate the possible anti-competitive effects of vertical agreements.
{"title":"8. Horizontal and vertical agreements","authors":"Ariel Ezrachi","doi":"10.1093/actrade/9780198860303.003.0009","DOIUrl":"https://doi.org/10.1093/actrade/9780198860303.003.0009","url":null,"abstract":"‘Horizontal and vertical agreements’ explores the application of US and EU competition laws to horizontal and vertical agreements. Horizontal collaborations and agreements take place between companies at the same level of manufacturing, distribution, or retail. A horizontal cooperation agreement may include restrictions on companies’ freedom to compete on their operation, or may include provisions which facilitate exchange of sensitive information. It is worth considering information exchange agreements. Meanwhile, vertical agreements are agreements between companies operating at different levels of the production or distribution chain. Exclusive distribution agreements and most-favoured-nation clauses (MFN) illustrate the possible anti-competitive effects of vertical agreements.","PeriodicalId":130977,"journal":{"name":"Competition and Antitrust Law: A Very Short Introduction","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125695414","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-22DOI: 10.1093/actrade/9780198860303.003.0003
Ariel Ezrachi
‘Markets’ examines markets, looking at demand and supply. The demand curve provides information on how the demand for a given product changes with its price, while the supply curve illustrates the correlation between the product price and quantity available for a given period. The meeting point between the two, in a competitive market, represents the market price. The market price is affected, among other things, by the nature of the product in question, by the availability and price of substitutions (cross-price elasticity), by changing consumer needs and preferences, by innovation, and by consumers’ level of income. There are two types of markets relevant here: the product market and the geographical market.
{"title":"2. Markets","authors":"Ariel Ezrachi","doi":"10.1093/actrade/9780198860303.003.0003","DOIUrl":"https://doi.org/10.1093/actrade/9780198860303.003.0003","url":null,"abstract":"‘Markets’ examines markets, looking at demand and supply. The demand curve provides information on how the demand for a given product changes with its price, while the supply curve illustrates the correlation between the product price and quantity available for a given period. The meeting point between the two, in a competitive market, represents the market price. The market price is affected, among other things, by the nature of the product in question, by the availability and price of substitutions (cross-price elasticity), by changing consumer needs and preferences, by innovation, and by consumers’ level of income. There are two types of markets relevant here: the product market and the geographical market.","PeriodicalId":130977,"journal":{"name":"Competition and Antitrust Law: A Very Short Introduction","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115848219","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-22DOI: 10.1093/actrade/9780198860303.003.0008
Ariel Ezrachi
‘The fight against cartels’ assesses the fight against cartel agreements. When unchallenged and undetected, cartel activity can distort competition and significantly harm consumer welfare and trade. Policy makers have described cartel activity as a cancer in a modern market economy, the effects of which are entirely negative. The law reflects this view by treating cartel activity as unambiguously bad, thus prescribing harsh financial penalties and sanctions to violators. Competition agencies position these illicit activities high on their enforcement agenda. There are a number of leniency programmes which incentivize cartel members to approach the agency and confess their participation. Both the US and EU investigated the Air Cargo Cartel.
{"title":"7. The fight against cartels","authors":"Ariel Ezrachi","doi":"10.1093/actrade/9780198860303.003.0008","DOIUrl":"https://doi.org/10.1093/actrade/9780198860303.003.0008","url":null,"abstract":"‘The fight against cartels’ assesses the fight against cartel agreements. When unchallenged and undetected, cartel activity can distort competition and significantly harm consumer welfare and trade. Policy makers have described cartel activity as a cancer in a modern market economy, the effects of which are entirely negative. The law reflects this view by treating cartel activity as unambiguously bad, thus prescribing harsh financial penalties and sanctions to violators. Competition agencies position these illicit activities high on their enforcement agenda. There are a number of leniency programmes which incentivize cartel members to approach the agency and confess their participation. Both the US and EU investigated the Air Cargo Cartel.","PeriodicalId":130977,"journal":{"name":"Competition and Antitrust Law: A Very Short Introduction","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130114855","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-22DOI: 10.1093/ACTRADE/9780198860303.003.0004
Ariel Ezrachi
‘The goals and scope of competition and antitrust laws’ evaluates the goals and scope of competition and antitrust laws. Competition laws seek to protect the competitive process in the marketplace from companies that seek to distort it. By safeguarding free and fair markets, competition laws promote consumer welfare as well as efficiencies in the marketplace. While key competition law principles are similar across the world, competition laws are not internationally uniform, but are instead customized by each jurisdiction. A comparison can be made between US Federal Antitrust Law and the EU competition law. There are also other jurisdictions that apply competition laws, including China, Japan, and South Korea.
{"title":"3. The goals and scope of competition and antitrust laws","authors":"Ariel Ezrachi","doi":"10.1093/ACTRADE/9780198860303.003.0004","DOIUrl":"https://doi.org/10.1093/ACTRADE/9780198860303.003.0004","url":null,"abstract":"‘The goals and scope of competition and antitrust laws’ evaluates the goals and scope of competition and antitrust laws. Competition laws seek to protect the competitive process in the marketplace from companies that seek to distort it. By safeguarding free and fair markets, competition laws promote consumer welfare as well as efficiencies in the marketplace. While key competition law principles are similar across the world, competition laws are not internationally uniform, but are instead customized by each jurisdiction. A comparison can be made between US Federal Antitrust Law and the EU competition law. There are also other jurisdictions that apply competition laws, including China, Japan, and South Korea.","PeriodicalId":130977,"journal":{"name":"Competition and Antitrust Law: A Very Short Introduction","volume":"99 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128181134","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-22DOI: 10.1093/actrade/9780198860303.003.0013
Ariel Ezrachi
‘Final reflections’ explains that as the understanding of markets and economic theory evolves, so does the application of competition law. With changing market and socio-political realities, these challenges become apparent. We need to consider the rise of digital markets and the threat of climate change, and assess the effect they have on the enforcement of competition and antitrust laws. What is the right formulation of competition policy? The key to effective competition law enforcement lies not in the pretence of purity or certainty, but in an open and informed debate on the law and economics, and the society to which we aspire.
{"title":"Final reflections","authors":"Ariel Ezrachi","doi":"10.1093/actrade/9780198860303.003.0013","DOIUrl":"https://doi.org/10.1093/actrade/9780198860303.003.0013","url":null,"abstract":"‘Final reflections’ explains that as the understanding of markets and economic theory evolves, so does the application of competition law. With changing market and socio-political realities, these challenges become apparent. We need to consider the rise of digital markets and the threat of climate change, and assess the effect they have on the enforcement of competition and antitrust laws. What is the right formulation of competition policy? The key to effective competition law enforcement lies not in the pretence of purity or certainty, but in an open and informed debate on the law and economics, and the society to which we aspire.","PeriodicalId":130977,"journal":{"name":"Competition and Antitrust Law: A Very Short Introduction","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114642379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-22DOI: 10.1093/ACTRADE/9780198860303.003.0012
Ariel Ezrachi
‘The international dimension’ examines the international dimension of competition laws. In order to protect their domestic markets, competition agencies often need to apply their national laws beyond the boundaries of their state. Extraterritoriality in competition law commonly relies on one of two legal concepts. The first extends a competition regime’s jurisdiction to activities which have an effect on that regime’s markets. The second requires ‘implementation’ of anti-competitive activity within the given territory as a condition for extraterritorial application of domestic laws. In the US, the effects doctrine enabled the enforcement of antitrust laws on foreign companies. In the EU, both the effects and implementation doctrines may be used.
{"title":"11. The international dimension","authors":"Ariel Ezrachi","doi":"10.1093/ACTRADE/9780198860303.003.0012","DOIUrl":"https://doi.org/10.1093/ACTRADE/9780198860303.003.0012","url":null,"abstract":"‘The international dimension’ examines the international dimension of competition laws. In order to protect their domestic markets, competition agencies often need to apply their national laws beyond the boundaries of their state. Extraterritoriality in competition law commonly relies on one of two legal concepts. The first extends a competition regime’s jurisdiction to activities which have an effect on that regime’s markets. The second requires ‘implementation’ of anti-competitive activity within the given territory as a condition for extraterritorial application of domestic laws. In the US, the effects doctrine enabled the enforcement of antitrust laws on foreign companies. In the EU, both the effects and implementation doctrines may be used.","PeriodicalId":130977,"journal":{"name":"Competition and Antitrust Law: A Very Short Introduction","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133976656","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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