Reconciling Efficiency and Equity
A Global Challenge for Competition Policy

Provides a new conceptualization of competition law as economic inequality and its interaction with efficiency become of central concern to policy and decision-makers.

Damien Gerard (Edited by), Ioannis Lianos (Edited by)

9781108498081, Cambridge University Press

Hardback, published 9 May 2019

474 pages, 18 b/w illus. 7 tables
23.4 x 15.7 x 2.9 cm, 0.79 kg

'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.' Barrister Magazine

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.

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.

Subject Areas: Competition law / Antitrust law [LNCH], Company, commercial & competition law [LNC], Law [L]