Stucke and Ezrachi’s analysis of the nature of competition is refreshingly non-ideological and counterintuitive. Their idea that competition can be either toxic or noble—all depending on how governments structure markets—is something so clear that it’s remarkable it’s taken us decades to recognize the wisdom of it. This is a must-read for anyone interested in how to use public policy to harness the competitive drive for the public good. — Chris Hughes, cofounder of Facebook Stucke and Ezrachi show us the important differences between destructive and noble competition and what we can do to pursue a more just and prosperous world. This book changes how you will view the role of the market in our economy and society at large. — Spencer Weber Waller, director of the Institute for Consumer Antitrust Studies and law professor at Loyola University Chicago Entertaining and thought-provoking, Competition Overdose fiercely articulates the raw, hard truth behind the toxic aspects of competition. — Tommaso Valletti, professor of economics at Imperial College London and Chief Competition Economist (2016–2019), European Commission Competition Overdose is probably the most important book to be published on the subject since The Antitrust Paradox hit the bookshelves in 1978. It is destined to transform how governments across the world think about the role competition in domestic and international policy for decades to come. Stucke and Ezrachi are the new rock stars of competition policy. — Ali Nikpay, partner at Gibson Dunn & Crutcher Anything, in the wrong dosage, can be poisonous. Competition Overdose takes a sacred cow of contemporary western thought—that ‘more competition is always good’—and reveals that while competition can be noble, it can also be toxic. An engaging and compelling read that will make you think differently about situations we all deal with every day. — Tim Wu, professor at Columbia Law School, contributing opinion writer for the New York Times, and author of The Master Switch and The Attention Merchants A must-read for anyone concerned about the future of our economy and society, Competition Overdose provides a no-nonsense analysis of how toxic competition can be bad for competitors, consumers, workers, and society overall. The authors highlight the abuses of this ideology and remind us that we, as citizens and consumers, can exercise our power by choosing products, based on our values. — Monique Goyens, director general of BEUC, The European Consumer Organisation This beautifully written book helps us rethink economic principles from the ground up. As any good chemist knows, what can be helpful or harmless in small doses is deadly in excess. While technocrats push competition as a cure to all economic ailments, Stucke and Ezrachi deliver a dose of reality: cutthroat schemes to kneecap rivals, manipulate customers, and exploit workers harm far more than they help. Read this book for a brilliant account of the proper place of competition (and ethics) in society. — Frank Pasquale, law professor at University of Maryland and author of The Black Box Society Stucke and Ezrachi examine a multitude of perversities in today’s society—colleges striving to recruit applicants they likely will reject, supermarkets stocking hundreds of varieties of jam, travel deals stuffed with hidden fees—and provide a unifying explanation: a misalignment of competition. Their book illuminates how competition can go wrong, and how individuals, businesses, and the government can set it right. — Jonathan Levin, dean of Stanford Graduate School of Business Is more competition the solution to all our societal problems? Stucke and Ezrachi persuasively say: No, it depends; sometimes we need to rein in markets because they produce socially inferior outcomes. This book shows that the promotion of competition cannot be an end in of itself, but rather it should be used as a tool to improve overall welfare. Between too much and too little competition, the safest option is, as always, the ‘aurea mediocritas’” — Jorge Padilla, senior managing director and head of Compass Lexecon, Europe Stucke and Ezrachi ask critical questions about what types of rivalry are desirable and who benefits when all domains of society are governed by principles of unfettered competition. Countering simplistic prescriptions, Competition Overdose is a perceptive and timely read. — Lina Khan, author of Amazon’s Antitrust Paradox Competition Overdose is a courageous, timely attempt by two formidable legal scholars to unpack—and in some cases demolish—the dominant shibboleth of our age: the delusion that ‘more competition’ is the remedy for many social or economic ills. Should be required reading for every course in public policy. — John Naughton, professor at University of Cambridge and technology columnist for the London Observer The authors draw skillfully on a wide range of disciplines, from economics to psychology, to help us understand why more competition is not always all that it’s cracked up to be. They provide support for a more humane, nobler form of competition and wider corporate purpose, debunking the myths of shareholder value and blind faith in markets. This is a must-read. — Simon Holmes, UK Competition Appeal Tribunal Because competition has been sold for centuries as an unbridled positive, reading this book requires counterintuitive thinking and an open mind. Using a lucid, conversational style, the authors thoroughly explain each case study and anecdote. Does competition regularly result in a race to the bottom? Yes, the authors maintain, and they present ideas about how to achieve what they term ‘noble competition,’ in which sellers, buyers, and society at large all benefit. — Kirkus Reviews

Shaping markets through competition and economic regulation is at the heart of addressing the development challenges facing countries in southern Africa. The contributors to Competition Law and Economic Regulation: Addressing Market Power in southern Africa critically assess the efficacy of the competition and economic regulation frameworks, including the impact of a number of the regional competition authorities in a range of sectors throughout southern Africa. Featuring academics as well as practitioners in the field, the book addresses issues common to southern African countries, where markets are small and concentrated, with particularly high barriers to entry, and where the resources to enforce legislation against anti-competitive conduct are limited. What is needed, the contributors argue, is an understanding of competition and regional integration as part of an inclusive growth agenda for Africa. By examining competition and regulation in a single framework, and viewing this within the southern African experience, this volume adds new perspectives to the global competition literature. It is an essential reference tool and will be of great interest to policymakers and regulators, as well as the rapidly growing ecosystem of legal practitioners and economists engaged in the field.

Across the world, regulators and policy makers are grappling with how to establish a competitive, safe and fair online environment that also safeguards users’ fundamental rights as citizens. Ahead of the European Commission’s Digital Markets Act (DMA), this book “Digital markets and online platforms: new perspectives on regulation and competition law“, presents CERRE’s latest contribution to the debate with concrete policy recommendations. Together, the policy recommendations in this book present a roadmap that should be pursued for EU policy makers to safeguard competition and innovation in digital platform markets. They can be organised into three key areas for action: (i) More effective enforcement, (ii) increased transparency and switching easiness, and (iii) providing access to key innovation capabilities. “The need to safeguard fair and vibrant competition, which is also seen as an important driving factor for innovation, is nothing new for policy makers. However, the characteristics and complexities of digital markets have challenged some of the traditional approaches.” – Jan Krämer, editor of the book and CERRE Academic Co-Director The book’s recommendations highlight that platform transparency and associated data collection by authorities, as well as data sharing by platforms (initiated through consumers or authorities), are the two most important overarching policy measures for platform markets in the near future. They facilitate enforcement, consumer choice, and innovation capabilities in the digital economy. The contents of this book were presented and debated during a CERRE live debate with guest speakers Anne Yvrande-Billon (Arcep’s Director of Economic, Market and Digital Affairs), MEP Stéphanie Yon-Courtin (Vice-President of the European Parliament’s Committee on Economic and Monetary Affairs) and Javier Espinoza (Financial Times’ EU Correspondent covering competition and digital policy).

Recent years have seen a major growth in the European law concerning the operation of the energy industry, especially with respect to electricity and gas. Several directives have been adopted that are aimed at the promotion of competition in this key sector of the European economy. At thesame time, the jurisprudence of the European Court had developed further on matters such as access to networks, import and export monopolies and security of supply.In this book the authors examine the principal legislation, Treaty provisions and decisions of the Court of Justice and Court of First Instance of the EU as they related to the promotion of competition in European energy markets. In particular, two chapters are devoted to a detailed analysis of theprovisions of the two directives that set out common rules for the creation of an internal market in the electricity and gas sectors. In each case, the analysis is set in the context of the various programmes of energy market liberalization and privatization in the Member States, which aresummarized in this book. However, the authors also take the wider pan-European context into account, explaining the requirements and the implications of the European Economic Area Agreement, the Energy Charter Treaty and the Europe Agreements with countries of Central and Eastern Europe.The approach adopted by the authors is both analytical and historical. They locate the legislation in the context of the EU Internal Market programme that began in the late 1980s and explain the roles played by the various parties (energy industries, consumers and EU institutions) in shaping thefinal legislation. Importantly, they explain how the framework character of the energy directives has led to further important rule-making in the implementation of the directives across the EU. They conclude that a co-ordinated response between the European Commission and the national regulatorswill be essential to resolve problems arising in the transition to a competitive energy market in the EU.

The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.

Market and competition authorities operate in a complex environment with conflicting stakeholder demands. Balancing the various interests of the authority and stakeholder in an objective and impartial manner is strategic to achieving the goals of the legislation imposed. In a fresh approach examining the actions of an authority when a regulation is applied, Annetje Ottow argues the vital importance of the behaviour of authorities, focusing on five fundamental good agency principles: legality, independence, transparency, effectiveness, and responsibility, or, LITER. These principles provide agencies and those reviewing their actions with a framework for agency design and action. Combining theory and practice to provide insight into agencies' organization and behaviour, this book outlines and analyses behavioural issues using an ecosystemic method, addressing how independent agencies should be assessed, and which principles should apply. Using cases from the Netherlands and the UK, Ottow examines the key processes of authorities against the LITER principles, and opens the debate on 'how to regulate the agency'.

Information Exchange Between Competitors in EU Competition Law Martin Gassler Competing firms often exchange information in order to make more informed market decisions which can help to overcome market inefficiencies. However, an abundance of legal and economic research as well as case law has shown that information exchange may also enable firms to engage in collusion more readily and sustain it longer. This book is the first to concentrate on this challenging topic of EU competition law in such depth. It focuses on ‘pure’ information exchanges – exchanges that are not ancillary to a wider pro-competitive or anticompetitive conduct – and thoroughly explains the characteristics of such information exchanges, their pro-competitive and anticompetitive effects and discusses all the relevant legal aspects for their assessment. The author provides a robust analytical framework for assessing information exchanges under Article 101 TFEU, focusing on the risk of collusive outcomes and what types of information exchange are particularly harmful. With detailed attention to the leading cases on information exchange, the analysis examines the most important aspects for assessing information exchange between competitors, in particular: the concept of a concerted practice; the concepts of a restriction by object and effect, including their similarities and differences; the importance of evidentiary issues; the issue of signalling via advance public announcements; factors that facilitate collusion; efficiencies of information exchange, including market transparency; the legal challenges of tackling mere parallel conduct; facilitative practices in the Commission Guidelines, including the Horizontal Cooperation Guidelines; and safe harbours for certain types of information exchange. The book offers clear guidance on how to identify and thus distinguish information exchange that restricts competition by its object and information exchange that restricts competition (only) by its effects. It offers practical solutions to some of the perceived issues when assessing information exchanges. With its wealth of analysis not available from other sources, this concise yet comprehensive review of a much-debated topic in competition law offers clear guidance for practitioners in assessing the issues surrounding information exchange. The book will also be welcomed by competition law academics, competition lawyers and competition authority officials throughout Europe.

Financial intermediation is currently a subject of active research on both sides of the Atlantic. The integration of European financial markets, in particular, highlights several important issues. In this volume, derived from a joint CEPR conference with the Fundacion Banco Bilbao Vizcaya (BBV), leading academics from Europe and North America review 'state-of-the-art' theories of banking and financial intermediation and discuss their policy implications. The principal focus is on the risks of increased competition, the appropriate regulation of banks, and the differences between Anglo-American and Continental European forms of financial markets. Relationship banking, stock markets and banks, banking and corporate control, financial intermediation in Eastern Europe, monetary policy and the banking system, and financial intermediation and growth are also discussed.

“A fascinating book about how platform internet companies (Amazon, Facebook, and so on) are changing the norms of economic competition.” —Fast Company Shoppers with a bargain-hunting impulse and internet access can find a universe of products at their fingertips. But is there a dark side to internet commerce? This thought-provoking exposé invites us to explore how sophisticated algorithms and data-crunching are changing the nature of market competition, and not always for the better. Introducing into the policy lexicon terms such as algorithmic collusion, behavioral discrimination, and super-platforms, Ariel Ezrachi and Maurice E. Stucke explore the resulting impact on competition, our democratic ideals, our wallets, and our well-being. “We owe the authors our deep gratitude for anticipating and explaining the consequences of living in a world in which black boxes collude and leave no trails behind. They make it clear that in a world of big data and algorithmic pricing, consumers are outgunned and antitrust laws are outdated, especially in the United States.” —Science “A convincing argument that there can be a darker side to the growth of digital commerce. The replacement of the invisible hand of competition by the digitized hand of internet commerce can give rise to anticompetitive behavior that the competition authorities are ill equipped to deal with.” —Burton G. Malkiel, Wall Street Journal “A convincing case for the need to rethink competition law to cope with algorithmic capitalism’s potential for malfeasance.” —John Naughton, The Observer

Market and competition authorities operate in a complex environment with conflicting stakeholder demands. Balancing the various interests of the authority and stakeholder in an objective and impartial manner is strategic to achieving the goals of the legislation imposed. In a fresh approach examining the actions of an authority when a regulation is applied, Annetje Ottow argues the vital importance of the behavior of authorities, focusing on five fundamental good agency principles: legality, independence, transparency, effectiveness, and responsibility, or, LITER. These principles provide agencies and those reviewing their actions with a framework for agency design and action. Combining theory and practice to provide insight into agencies' organization and behavior, this book outlines and analyses behavioral issues using an ecosystemic method, addressing how independent agencies should be assessed, and which principles should apply. Using cases from the Netherlands and the UK, Ottow examines the key processes of authorities against the LITER principles, and opens the debate on 'how to regulate the agency'.