After thirty years, the debate over antitrust's ideology has quieted. Most now agree that the protection of consumer welfare should be the only goal of antitrust laws. Execution, however, is another matter. The rules of antitrust remain unfocused, insufficiently precise, and excessively complex. The problem of poorly designed rules is severe, because in the short run rules weigh much more heavily than principles. At bottom, antitrust is a defensible enterprise only if it can make the microeconomy work better, after accounting for the considerable costs of operating the system.

The Antitrust Enterprise is the first authoritative and compact exposition of antitrust law since Robert Bork's classic The Antitrust Paradox was published more than thirty years ago. It confronts not only the problems of poorly designed, overly complex, and inconsistent antitrust rules but also the current disarray of antitrust's rule of reason, offering a coherent and workable set of solutions. The result is an antitrust policy that is faithful to the consumer welfare principle but that is also more readily manageable by the federal courts and other antitrust tribunals.

A new and urgently needed guide to making the American economy more competitive at a time when tech giants have amassed vast market power.

The U.S. economy is growing less competitive. Large businesses increasingly profit by taking advantage of their customers and suppliers. These firms can also use sophisticated pricing algorithms and customer data to secure substantial and persistent advantages over smaller players. In our new Gilded Age, the likes of Google and Amazon fill the roles of Standard Oil and U.S. Steel.

Jonathan Baker shows how business practices harming competition manage to go unchecked. The law has fallen behind technology, but that is not the only problem. Inspired by Robert Bork, Richard Posner, and the “Chicago school,” the Supreme Court has, since the Reagan years, steadily eroded the protections of antitrust. The Antitrust Paradigm demonstrates that Chicago-style reforms intended to unleash competitive enterprise have instead inflated market power, harming the welfare of workers and consumers, squelching innovation, and reducing overall economic growth. Baker identifies the errors in economic arguments for staying the course and advocates for a middle path between laissez-faire and forced deconcentration: the revival of pro-competitive economic regulation, of which antitrust has long been the backbone.

Drawing on the latest in empirical and theoretical economics to defend the benefits of antitrust, Baker shows how enforcement and jurisprudence can be updated for the high-tech economy. His prescription is straightforward. The sooner courts and the antitrust enforcement agencies stop listening to the Chicago school and start paying attention to modern economics, the sooner Americans will reap the benefits of competition.

With the nations of the world becoming more interdependent, it is imperative to take international influences into account in understanding the organization of industry within a country. This book extends the structure/conduct/performance framework of analysis to present a fully specified simultaneous equation model of an open economy—Canada.

By estimating a system of equations of all the major variables, the authors can identify which variables are dependent and which are independent. They are thus able to assess the relative importance of such factors as seller concentration, import competition, retailing structure, advertising expenditure, research and development spending, and technical and allocative efficiency in shaping the organization of industry in Canada. In addition, using both industry-level and firm-level data, the authors develop methods for assessing the effect of structural variables on diversification strategies and the consequences for market performance. They also study the effects of such variables on firms’ access to capital markets. The book concludes with a discussion of the implications of the findings for government policy.

Investment banks play a critically important role in channeling capital from investors to corporations. Not only do they float and distribute new corporate securities, they also assist companies in the private placement of securities, arrange mergers and acquisitions, devise specialized financing, and provide other corporate financial services.

After sketching the history and evolution of investment banking, the authors describe the structure of the industry, focusing on the competitive forces at work within it today. They explore patterns of concentration and analyze the strategic and economic factors that underlie those patterns. The authors directly examine the pairing up of investment banks with their corporate clients. They show that the market is sharply segmented, with banks and corporate clients being matched in roughly rank order, the most prestigious banks with the largest, most powerful clients, and so on. Vigorous competition occurs within each segment, but much less between them.

With the industry now confronting a changing regulatory environment, a growing tendency of clients to arrange their own financing, and increasing competition both from within and from commercial banks and foreign institutions, Competition in the Investment Banking Industry is essential reading for anyone interested in the future of investment banking.

In this vigorous and well-documented "current view" of competition in the mid-western coal industry, Reed Moyer has set himself two tasks: to bring up to date existing economic analyses and to correct a "distortion which arises from generalizing about an industry composed of several diverse parts."

Most previous economic analyses have become obsolete, partly because of the shifting picture within the industry. Moyer’s detailed study of the economic behavior of the midwestern coal industry focuses on the transformation in the mining operation. Contrary to popular opinion, the bituminous coal industry in the Midwest is not "chronically depressed"; instead, it is successfully surmounting years of stagnation dating back to the 1920s, the effects of strikes, and the stiff competition offered coal by other fuels in the recent past. Concerned primarily with the coal producing regions of Illinois, Indiana, and western Kentucky, the author considers not only the economic factors touching the industry, but the geologic and geographic as well. In a framework of market structure, conduct, and performance Moyer analyzes in detail the "geographically isolated position of the midwestern coal industry," which "limits interdistrict competition."

Ample discussion is devoted to factors which influence the structural characteristics and the economic behavior of the industry: seller concentration, the importance of freight rates in determining delivery costs, price competition, entry barriers, and the effect of mining techniques on resource conservation, to name a few. The book includes an extensive treatment of the mining methods, strip and underground, common to the region, and their influence on its economic picture. This crisply written technical study searches thoroughly into the many facets of a leading component of a still lively major industry. The author has drawn on a supply of unpublished material as well as on information from confidential sources.

Competitive Interests does more than simply challenge the long-held belief that a small set of interests control large domains of the public policy making landscape. It shows how the explosion in the sheer number of new groups, and the broad range of ideological demands they advocate, have created a form of group politics emphasizing compromise as much as conflict. Thomas T. Holyoke offers a model of strategic lobbying that shows why some group lobbyists feel compelled to fight stronger, wealthier groups even when they know they will lose.

Holyoke interviewed 83 lobbyists who have been advocates on several contentious issues, including Arctic oil drilling, environmental conservation, regulating genetically modified foods, money laundering, and bankruptcy reform. He offers answers about what kinds of policies are more likely to lead to intense competition and what kinds of interest groups have an advantage in protracted conflicts. He also discusses the negative consequences of group competition, such as legislative gridlock, and discusses what lawmakers can do to steer interest groups toward compromise. The book concludes with an exploration of greater group competition, conflict, and compromise and what consequences this could have for policymaking in a representation-based political system.

This collection of essays reveals the Ming court as an arena of competition and negotiation, where a large cast of actors pursued individual and corporate ends, personal agency shaped protocol and style, and diverse people, goods, and tastes converged. Rather than observing an immutable set of traditions, court culture underwent frequent reinterpretation and rearticulation, processes driven by immediate personal imperatives, mediated through social, political, and cultural interaction.

The essays address several common themes. First, they rethink previous notions of imperial isolation, instead stressing the court’s myriad ties both to local Beijing society and to the empire as a whole. Second, the court was far from monolithic or static. Palace women, monks, craftsmen, educators, moralists, warriors, eunuchs, foreign envoys, and others strove to advance their interests and forge advantageous relations with the emperor and one another. Finally, these case studies illustrate the importance of individual agency. The founder’s legacy may have formed the warp of court practices and tastes, but the weft varied considerably. Reflecting the complexity of the court, the essays represent a variety of perspectives and disciplines—from intellectual, cultural, military, and political to art history and musicology.

John Roemer points out that there are two views of equality of opportunity that are widely held today. The first, which he calls the nondiscrimination principle, states that in the competition for positions in society, individuals should be judged only on attributes relevant to the performance of the duties of the position in question. Attributes such as race or sex should not be taken into account. The second states that society should do what it can to level the playing field among persons who compete for positions, especially during their formative years, so that all those who have the relevant potential attributes can be considered.

Common to both positions is that at some point the principle of equal opportunity holds individuals accountable for achievements of particular objectives, whether they be education, employment, health, or income. Roemer argues that there is consequently a "before" and an "after" in the notion of equality of opportunity: before the competition starts, opportunities must be equalized, by social intervention if need be; but after it begins, individuals are on their own. The different views of equal opportunity should be judged according to where they place the starting gate which separates "before" from "after." Roemer works out in a precise way how to determine the location of the starting gate in the different views.

For all the turmoil that roiled financial markets during the Great Recession and its aftermath, Wall Street forecasts once again turned bullish and corporate profitability soared to unprecedented heights. How does capitalism consistently generate profits despite its vulnerability to destabilizing events that can plunge the global economy into chaos? The Great Levelerelucidates the crucial but underappreciated role of the law in regulating capitalism’s rhythms of accumulation and growth.

Brett Christophers argues that capitalism requires a delicate balance between competition and monopoly. When monopolistic forces become dominant, antitrust law steps in to discourage the growth of giant corporations and restore competitiveness. When competitive forces become dominant, intellectual property law steps in to protect corporate assets and encourage investment. These two sets of laws—antitrust and intellectual property—have a pincer effect on corporate profitability, ensuring that markets become neither monopolistic, which would lead to rent-seeking and stagnation, nor overly competitive, which would drive down profits.

Christophers pursues these ideas through a close study of the historical development of American and British capitalist economies from the late nineteenth century to the present, tracing the relationship between monopoly and competition in each country and the evolution of legal mechanisms for keeping these forces in check. More than an illuminating study of the economic role of law, The Great Leveler is a bold and fresh dissection of the anatomy of modern capitalism.

A Financial Times Book of the Year
A ProMarket Book of the Year

“Superbly argued and important…Donald Trump is in so many ways a product of the defective capitalism described in The Great Reversal. What the U.S. needs, instead, is another Teddy Roosevelt and his energetic trust-busting. Is that still imaginable? All believers in the virtues of competitive capitalism must hope so.”
—Martin Wolf, Financial Times

“In one industry after another…a few companies have grown so large that they have the power to keep prices high and wages low. It’s great for those corporations—and bad for almost everyone else.”
—David Leonhardt, New York Times

“Argues that the United States has much to gain by reforming how domestic markets work but also much to regain—a vitality that has been lost since the Reagan years…His analysis points to one way of making America great again: restoring our free-market competitiveness.”
—Arthur Herman, Wall Street Journal

Why are cell-phone plans so much more expensive in the United States than in Europe? It seems a simple question, but the search for an answer took one of the world’s leading economists on an unexpected journey through some of the most hotly debated issues in his field. He reached a surprising conclusion: American markets, once a model for the world, are giving up on healthy competition.

In the age of Silicon Valley start-ups and millennial millionaires, he hardly expected this. But the data from his cutting-edge research proved undeniable. In this compelling tale of economic detective work, we follow Thomas Philippon as he works out the facts and consequences of industry concentration, shows how lobbying and campaign contributions have defanged antitrust regulators, and considers what all this means. Philippon argues that many key problems of the American economy are due not to the flaws of capitalism or globalization but to the concentration of corporate power. By lobbying against competition, the biggest firms drive profits higher while depressing wages and limiting opportunities for investment, innovation, and growth. For the sake of ordinary Americans, he concludes, government needs to get back to what it once did best: keeping the playing field level for competition. It’s time to make American markets great—and free—again.

The interest in the performance of ancient Greek poetry has grown dramatically in recent years. But the competitive dimension of Greek poetic performances, while usually assumed, has rarely been directly addressed. This study provides for the first time an in-depth examination of a central mode of Greek poetic competition--capping, which occurs when speakers or singers respond to one another in small numbers of verses, single verses, or between verse units themselves. With a wealth of descriptive and technical detail, Collins surveys the wide range of genres that incorporated capping, including tragic and comic stichomythia, lament, forms of Platonic dialectic and dialogue, the sympotic performance of elegy, skolia, and related verse games, Hellenistic bucolic, as well as the rhapsodic performance of epic. Further, he examines historical evidence for actual performances as well as literary representations of live performances to explore how the features of improvisation, riddling, and punning through verse were developed and refined in different competitive contexts.

Anyone concerned with the performance of archaic and classical Greek poetry, or with the agonistic social, cultural, and poetic gamesmanship that prompted one performer to achieve "mastery" over another, will find this authoritative volume indispensable.

Metropolitan Governance is the first book to bring together competing perspectives on the question and consequences of centralized vs. decentralized regional government. Presenting original contributions by some of the most notable names in the field of urban politics, this volume examines the organization of governments in metropolitan areas, and how that has an effect on both politics and policy.

Existing work on metropolitan governments debates the consequences of interjurisdictional competition, but neglects the role of cooperation in a decentralized system. Feiock and his contributors provide evidence that local governments successfully cooperate through a web of voluntary agreements and associations, and through collective choices of citizens. This kind of "institutional collective action" is the glue that holds institutionally fragmented communities together.

The theory of institutional collective action developed here illustrates the dynamics of decentralized governance and identifies the various ways governments cooperate and compete. Metropolitan Governance provides insight into the central role that municipal governments play in the governance of metropolitan areas. It explores the theory of institutional collective action through empirical studies of land use decisions, economic development, regional partnerships, school choice, morality issues, and boundary change—among other issues.

A one-of-a-kind, comprehensive analytical inquiry invaluable for students of political science, urban and regional planning, and public administration—as well as for scholars of urban affairs and urban politics and policymakers—Metropolitan Governance blazes new territory in the urban landscape.

Winner of the Barclay Book Prize, German Studies Association
Winner of the Gomory Prize in Business History, American Historical Association and the Alfred P. Sloan Foundation
Winner of the Fraenkel Prize, Wiener Library for the Study of Holocaust and Genocide
Honorable Mention, European Studies Book Award, Council for European Studies

To control information is to control the world. This innovative history reveals how, across two devastating wars, Germany attempted to build a powerful communication empire—and how the Nazis manipulated the news to rise to dominance in Europe and further their global agenda.

Information warfare may seem like a new feature of our contemporary digital world. But it was just as crucial a century ago, when the great powers competed to control and expand their empires. In News from Germany, Heidi Tworek uncovers how Germans fought to regulate information at home and used the innovation of wireless technology to magnify their power abroad.

Tworek reveals how for nearly fifty years, across three different political regimes, Germany tried to control world communications—and nearly succeeded. From the turn of the twentieth century, German political and business elites worried that their British and French rivals dominated global news networks. Many Germans even blamed foreign media for Germany’s defeat in World War I. The key to the British and French advantage was their news agencies—companies whose power over the content and distribution of news was arguably greater than that wielded by Google or Facebook today. Communications networks became a crucial battleground for interwar domestic democracy and international influence everywhere from Latin America to East Asia. Imperial leaders, and their Weimar and Nazi successors, nurtured wireless technology to make news from Germany a major source of information across the globe. The Nazi mastery of global propaganda by the 1930s was built on decades of Germany’s obsession with the news.

News from Germany is not a story about Germany alone. It reveals how news became a form of international power and how communications changed the course of history.

A Financial Times Book of the Year

“The strongest documentation I have seen for the many ways in which inequality is harmful to economic growth.”
—Jason Furman

“A timely and very useful guide…Boushey assimilates a great deal of recent economic research and argues that it amounts to a paradigm shift.”
—New Yorker

Do we have to choose between equality and prosperity? Decisions made over the past fifty years have created underlying fragilities in our society that make our economy less effective in good times and less resilient to shocks, such as today’s coronavirus pandemic. Many think tackling inequality would require such heavy-handed interference that it would stifle economic growth. But a careful look at the data suggests nothing could be further from the truth—and that reducing inequality is in fact key to delivering future prosperity.

Presenting cutting-edge economics with verve, Heather Boushey shows how rising inequality is a drain on talent, ideas, and innovation, leading to a concentration of capital and a damaging under-investment in schools, infrastructure, and other public goods. We know inequality is fueling social unrest. Boushey shows persuasively that it is also a serious drag on growth.

“In this outstanding book, Heather Boushey…shows that, beyond a point, inequality damages the economy by limiting the quantity and quality of human capital and skills, blocking access to opportunity, underfunding public services, facilitating predatory rent-seeking, weakening aggregate demand, and increasing reliance on unsustainable credit.”
—Martin Wolf, Financial Times

“Think rising levels of inequality are just an inevitable outcome of our market-driven economy? Then you should read Boushey’s well-argued, well-documented explanation of why you’re wrong.”
—David Rotman, MIT Technology Review

One of the most-followed antitrust cases of recent times—United States v. Apple—reveals an often-missed truth: what Americans most fear is competition itself.

In 2012 the Department of Justice accused Apple and five book publishers of conspiring to fix ebook prices. The evidence overwhelmingly showed an unadorned price-fixing conspiracy that cost consumers hundreds of millions of dollars. Yet before, during, and after the trial millions of Americans sided with the defendants. Pundits on the left and right condemned the government for its decision to sue, decrying Amazon’s market share, railing against a new high-tech economy, and rallying to defend beloved authors and publishers. For many, Amazon was the one that should have been put on trial. But why? One fact went unrecognized and unreckoned with: in practice, Americans have long been ambivalent about competition.

Chris Sagers, a renowned antitrust expert, meticulously pulls apart the misunderstandings and exaggerations that industries as diverse as mom-and-pop grocers and producers of cast-iron sewer pipes have cited to justify colluding to forestall competition. In each of these cases, antitrust law, a time-honored vehicle to promote competition, is put on the defensive. Herein lies the real insight of United States v. Apple. If we desire competition as a policy, we must make peace with its sometimes rough consequences. As bruising as markets in their ordinary operation often seem, letting market forces play out has almost always benefited the consumer. United States v. Apple shows why supporting cases that protect price competition, even when doing so hurts some of us, is crucial if antitrust law is to protect and maintain markets.