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Commentary

An outlet for insiders to speak freely (as they remain anonymous to the reader) on what they perceive as problematic practices in their own industry – with an emphasis on how the industry tweaks the rules of the game and captures regulation.
“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice.” Adam Smith – An Inquiry into the Nature and Causes of the Wealth of Nations (1776)

Antitrust and Competition

The Jedi Blue Network Bidding Agreement Is Monopoly Maintenance

Joshua Gray
Previous plaintiffs have argued unsuccessfully that Google’s Jedi Blue agreement with Facebook is anticompetitive and illegal. The agreement grants Facebook preferential access to Google’s dominant digital advertisement system in exchange for not building competing technologies. The plaintiffs’ challenges to Jedi Blue would have been on stronger ground had they argued that Jedi Blue is compelling evidence of illegal monopoly maintenance, as occurred in Microsoft, writes Joshua B. Gray.
Antitrust and Competition

Brazil Shows That Protecting Children and Digital Competition Are Complementary Efforts

Bruno Renzetti
Brazil’s new child protection law has gained less global press than its new digital competition bill. However, the two are complementary efforts that demonstrate how governments must rethink how different regulatory concerns and mandates blend into one another in the digital economy.
Antitrust and Competition

The Nexstar-Tegna Merger Will Raise Your Cable Bill, and Then Some

Diana L. Moss
The proposed merger of local broadcast television station owners Nexstar and Tegna will create a behemoth that threatens to raise consumer prices for multi-video programming subscriptions, increase advertising rates for local businesses, and reduce viewers’ exposure to diverse viewpoints. The government can and should block the merger but politics threatens to usurp law and economics, writes Diana L. Moss.
Commentary

Trade Law Limits the Sovereign Reach of the Digital Euro

Jeff Alvares
The European Union can pursue financial sovereignty through the digital euro, but sovereignty over money doesn't mean sovereignty over the markets that form around it, writes Jeff Alvares.
Commentary

Kevin Warsh’s Nomination Solidifies Wall Street’s Grip on the Federal Reserve

Franny Philos Sophia
If confirmed, Kevin Warsh would be the latest Federal Reserve chair whose career took place primarily on Wall Street rather than in academia. The ascent of Wall Street veterans in the Fed risks skewing monetary policy to favor large investors and the wealthiest, writes Franny Philos Sophia.
Commentary

Pakistan’s Real Estate Tycoons Have Captured the Media and the State

Hamza Azhar Salam
Hamza Azhar Salam discusses the recent history of real estate moguls in Pakistan buying up media outlets to influence government investigations against them and their properties and win access to powerful government offices. The moguls’ capture of the media has led to capture of the state.
Antitrust and Competition

China Seeks To Save Innovation by Choking Competition

Victor Jiawei Zhang
China has enacted a new competition policy that seeks to boost innovation by stifling cutthroat price competition. Padding companies’ margins will enable collusion and regulatory capture rather than innovation, write Victor Jiawei Zhang and Yahui Song.
Antitrust and Competition

Netflix Appears To Face Greater Antitrust Barriers To Acquiring Warner Bros. Discovery Than Paramount

Richard Wolfram
Richard Wolfram explores the regulatory concerns of Netflix and Paramount’s competing merger proposals for Warner Bros. Discovery. Based on current antitrust doctrine and guidelines, Paramount would appear to face comparatively fewer barriers to the transaction, but the analysis is hardly black-and-white.
Antitrust and Competition

The DOJ Knows What To Do About Those Seed Mergers. Will It Reverse Them?

Peter Carstensen
Department of Justice Assistant Attorney General Gail Slater recently gave a speech repudiating the laissez-faire antitrust enforcement policy of past administrations. Meanwhile, President Donald Trump has ordered antitrust agencies to investigate how price-fixing has raised food prices. If the administration is serious about bringing food prices down for Americans, it should begin by addressing the costs farmers face. For that reason, Slater should investigate and possibly challenge the mergers between large seed sellers that occurred during Trump’s first term in office, writes Peter Carstensen.
Antitrust and Competition

Nvidia’s Quasi-Merger With Groq Raises Unique Remedy Concerns

Alexandros Kazimirov
Alexandros Kazimirov discusses how Nvidia’s quasi-merger with Groq resembles a familiar pattern of regulatory evasion that Google, Microsoft, and Amazon have adopted with emerging artificial intelligence companies. He notes that his proposed remedy that was available to antitrust enforcers in the large language model market is not applicable to chip manufacturers like Nvidia.
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ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.