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Reconciling Efficiency and Equity
A Global Challenge for Competition Policy

$112.00 USD

Part of Global Competition Law and Economics Policy

  • Editors:
  • Damien Gerard, College of Europe (Global Competition Law Center), University of Louvain
  • Ioannis Lianos, University College London
Damien Gerard, Ioannis Lianos, Diane Wood, Philip Marsden, Spencer Weber Waller, Michal Gal, Abel M. Mateus, Pradeep S. Mehta, Mor Bakhoum, Simon Roberts, Alan Fels, Ariel Ezrachi, Maurice Stucke, Josef Drexl, David Lewis, Daniel D. Sokol, Albert A. Foer, William Kovacic, Edward M. Iacobucci, Michael J. Trebilcock, Dan Crane, Daniel L. Rubinfeld, Giorgio Monti, Dennis Davis, Petros C. Mavroidis, Damien J. Neven, Eleanor M. Fox
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  • Date Published: April 2019
  • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • format: Adobe eBook Reader
  • isbn: 9781108572941
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  • Due to the growing influence of economics and economists in competition law and policy discourse and the internationalization of antitrust, the equity versus efficiency trade-off debate has played a defining role in the transformation of the dominant paradigm governing competition law enforcement since at least the 1970s. The debate remains crucial today as issues of economic inequality and its interaction with efficiency become of central concern to policy and decision-makers in competition law, as well as in other spheres of public policy. Despite their central role in the grammar of competition law on the global plane, the intellectual underpinnings of the interactions between 'equity' and 'efficiency' in the context of competition law have never been examined in-depth. This book aims precisely to fill this gap by discussing new approaches in understanding the role of efficiency and equity concerns in competition law.

    • Proposes a new conceptualization of competition law taking into account fairness concerns
    • Advances a social contract perspective in understanding the goals of competition
    • Examines the way competition law can work for the people and can limit economic power
    • Explores the governance arrangements for a more effective competition law enforcement
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    Customer reviews

    02nd Aug 2019 by PhillipTaylor

    AN EXCEPTIONAL EXPLANATION OF THE ISSUES OF ECONOMIC INEQUALITY AND ITS INTERACTION WITH EFFICIENCY IN COMPETITION LAW An appreciation by Elizabeth Robson Taylor of Richmond Green Chambers and Phillip Taylor MBE, Head of Chambers, Reviews Editor, “The Barrister”, and Mediator We are all used to the political waffle concerning the economic needs for efficiency whilst shedding crocodile tears over continuing economic inequality in competition law. This new book entitled “Reconciling Efficiency and Equity” by Damien Gerard and Ioannis Lianos is a most welcome publication from Cambridge University Press (CUP). Its purpose is in the sub-title – a global challenge for competition policy coming as it does from CUP’s series on global competition law and economics policy. As the editors rightly observe, “due to the growing influence of economics and economists in competition law and policy discourse and the internationalization of antitrust, the equity versus efficiency trade-off debate has played a defining role in the transformation of the dominant paradigm governing competition law enforcement since at least the 1970s”. The CUP global competition law and economics policy series publishes monographs such as this book highlighting the interdisciplinary and multijurisdictional nature pf competition law, economics and policy. The series is naturally global in its coverage and we think it will appeal to competition and antitrust specialists working as scholars, practitioners and judges. Today, the debate remains crucial because issues of economic inequality and its interaction with efficiency become of central concern to policy and decision-makers in competition law, as well as in other spheres of public policy. They have come very much to the fore with all the debate on the UK’s withdrawal from the EU. Please start by reading the preface which contains a moving tribute to Eleanor Fox by Ian S Forrester. Despite their central role in the grammar of competition law on the global plane, the intellectual underpinnings of the interactions between “equity” and “efficiency” in the context of competition law have never been examined in-depth. Therefore, this book aims with precision to fill this gap by discussing new approaches in understanding the role of efficiency and equity concerns in competition law. The final word comes from the editors who sum up the word writing that “harnessing the tension between ‘equity’ and ‘efficiency’ and achieving the optimal equilibrium between these policy objectives” remains one of the major questions “bedevilling economics and, more generally, political philosophy in liberal democracies”. Thank you very much for assembling the excellent contributions which confirm the unique status of Eleanor Fox. The first edition of this hardback book was published on 9th May 2019.

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    Product details

    • Date Published: April 2019
    • format: Adobe eBook Reader
    • isbn: 9781108572941
    • contains: 18 b/w illus. 7 tables
    • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • Table of Contents

    Introduction Damien Gerard and Ioannis Lianos
    Part I. Framing the Tension between Equity and Efficiency as a Global Challenge for Competition Policy: The Vision of a Pioneer:
    1. Eleanor Fox: insights from an outsider Diane Wood
    2. Citizen Fox and the vision of antitrust cosmopolitanism Philip Marsden and Spencer Weber Waller
    Part II. Reconciling Equity and Efficiency: The Challenge of Making Markets Work for People: Section 1. Competition for the People:
    3. The poverty of competition law – the short story Ioannis Lianos
    4. The social contract: should we recalibrate competition law to limit inequality? Michal Gal
    5. Oligarchies, competition and development Abel M. Mateus
    6. Promoting competition reforms for the benefit of ordinary people Pradeep S. Mehta
    7. Competition (law), access to telecommunication technologies and development Mor Bakhoum
    8. Competition law prescriptions and competitive outcomes: insights from Southern and East Africa Simon Roberts
    Section 2. Competition against Power:
    9. The Australian controversy over abuse of market power law – a study in political economy Alan Fels
    10. Competition against power: the puzzle of the personal butler Ariel Ezrachi and Maurice Stucke
    11. Economic efficiency versus democracy: on the potential role of competition policy in regulating digital markets in times of post-truth politics Josef Drexl
    Section 3. Competition, Inequality and Industrial Policy:
    12. Competition policy and industrial policy: mortal enemies or potential allies? David Lewis
    13. Antitrust, industrial policy and economic populism Daniel D. Sokol
    Part III. Reconciling Equity and Efficiency: The Challenge of Effective Antitrust Enforcement: Section 1. Designing Effective Enforcement Systems:
    14. The role of competition culture Albert A. Foer
    15. Formula for success: a Formula One approach to understanding competition law system performance William Kovacic
    16. Evaluating the performance of competition agencies: the limits of assessment methodologies and their policy implications Edward M. Iacobucci and Michael J. Trebilcock
    17. Toward a realistic comparative assessment of private antitrust enforcement Dan Crane
    18. Antitrust enforcement in the US and the EU: a comparison of the two federal systems Daniel L. Rubinfeld
    19. Galvanising national competition authorities in the European Union Giorgio Monti
    Section 2. Effective Coordination of Enforcement Systems: A Global Governance Perspective:
    20. Extraterritoriality and the question of jurisdiction in competition law Dennis Davis
    21. Competition enforcement, trade, and global governance Petros C. Mavroidis and Damien J. Neven
    22. Competition enforcement cooperation and the dynamics of convergence Damien Gerard
    Afterword:
    23. Competition policy at the intersection of equity and efficiency: the developed and developing worlds Eleanor M. Fox.

  • Editors

    Damien Gerard, College of Europe (Global Competition Law Center), University of Louvain
    Damien Gerard serves as a case handler in the Directorate General for Competition of the European Commission and is an academic affiliated with the University of Louvain and the College of Europe, where he also heads the Global Competition Law Center (GCLC).

    Ioannis Lianos, University College London
    Ioannis Lianos holds the chair of global competition law and policy at University College London and Director of the Centre for Law, Economics and Society at the University College London. He is also the chief researcher of the Higher School of Economics (HSE) Skolkovo Institute for Law and Development.

    Contributors

    Damien Gerard, Ioannis Lianos, Diane Wood, Philip Marsden, Spencer Weber Waller, Michal Gal, Abel M. Mateus, Pradeep S. Mehta, Mor Bakhoum, Simon Roberts, Alan Fels, Ariel Ezrachi, Maurice Stucke, Josef Drexl, David Lewis, Daniel D. Sokol, Albert A. Foer, William Kovacic, Edward M. Iacobucci, Michael J. Trebilcock, Dan Crane, Daniel L. Rubinfeld, Giorgio Monti, Dennis Davis, Petros C. Mavroidis, Damien J. Neven, Eleanor M. Fox

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