Two thoughts on competition and regulation

There is convergence between US antitrust law and EU competition law. But looking and the case law of the courts we have the feeling that we will have quite large differences remaining on some issues. This is clearly and partly the result of the different theoretical assessment of some market structure issues.

Two thoughts I happened to read recently concerning economic crisis and regulation are worthy to share.

“We are leaning [from the crisis] that we need a more active and intelligent government to keep our model of a capitalist economy from running off the rails. The movement to deregulate the financial industry went too far by exaggerating the resilience – the self-healing powers – of laissez-faire capitalism.” Posner, Richard A.: A failure of capitalism : the crisis of ’08 and the descent into depression. (Harvard University Press, Cambridge, Mass., 2009) xii.

“The depression is a failure of capitalism, or more precisely of a certain kind of capitalism (“laissez-faire” in a loose sense, “American” versus “European” in a popular sense), and of capitalism’s biggest boosters.” Posner, Richard A.: A failure of capitalism : the crisis of ’08 and the descent into depression. (Harvard University Press, Cambridge, Mass., 2009) 260.

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