Dear Readers, This edition of the Chronicle looks at recent developments in the antitrust analysis of vertical agreements in jurisdictions around the world. It is accepted in most jurisdictions that  vertical agreements (i.e., agreements between parties that occupy different places in the supply chain) are less likely to raise antitrust concerns than horizontal agreements. Nonetheless, […]

In 2022 both the EU and the UK overhauled their regimes governing vertical agreements following the expiry of Regulation 330/2010, which had block exempted many vertical agreements from both Article 101(1) TFEU in the EU and from the Chapter I prohibition set out in the Competition Act 1998 in the UK. This paper examines the […]

On June 1, 2022, the European Commission’s new Vertical Block Exemption Regulation (“VBER”) and its accompanying guidelines (the “Guidelines”) came into force.  The VBER provides a safe harbor for vertical agreements where the parties’ market shares are below 30 percent and certain conditions are met.  Since the previous rules were drafted, the importance and prevalence […]

Dear Readers, In antitrust policy discourse (particularly, but not exclusively, concerning the digital economy), there is often a background assumption that intermediaries impose a consumer and societal cost. Thus, the colloquial phrase “cut out the middleman” – which, translating from the vernacular to the parlance of antitrust means “disintermediate” the consumption of goods – is […]

This article considers U.S. and EU antitrust policies regarding intermediaries with digital platforms. The article examines antitrust concerns about “Big Tech.” The discussion emphasizes the need to apply advances in the Economics of Markets and Platforms in developing these antitrust policies.

Intermediaries may not be the consumer welfare hero we want, but more often than not, they are one that we need. Policymakers often assume that intermediaries and centralization serve as a cost to society, and that consumers are better off when provided with “more choice.” Concrete expression of this view can be found in regulatory […]

Ensuring effective competition in healthcare markets is a critical priority for antitrust enforcers.  Traditionally enforcement has focused on manufacturers and providers but far too little attention has been given to intermediaries such as Pharmacy Benefit Managers (“PBMs”).  A lack of attention and enforcement has permitted a highly concentrated PBM market to evolve in which PBMs prevent […]

From near obscurity just over a decade ago, no-poach agreements are now in the crosshairs of several competition authorities worldwide, including the U.S. and EU.  No-poach agreements are a type of buyers’ cartel where employers explicitly collude to increase their purchasing power over their employees. They are the mirror image of market allocation of customers […]

Dear Readers, Until recently, global supply chain issues have not typically penetrated the popular consciousness. This has changed in recent years and months. Remarkably, supply chains and logistics have become a hot-button topic in media and political circles. Prominent examples include the hampered launch of Sony’s PlayStation 5; the global chip shortage hindering everything from […]

Significant supply chain disruptions have become prevalent in the context of the COVID-19 pandemic and, more recently, ongoing political conflict. These disruptions involve important and interconnected national and global industries, including logistics, consumer goods, pharmaceuticals, healthcare, retail, and agriculture. Following complaints submitted by businesses and industry groups, five national competition agencies — in the U.S., […]

Many areas of competition policy and law intersect supply chain management. Describing recent developments in supply chains and supply chain management, the authors examine their implications for competition policy and law involving resale price maintenance – a controversial vertical restraint affecting $300 billion in U.S. sales annually. Their findings augment economic understanding of resale price […]

Supply chains are fundamental to antitrust because no firm can exclude competitors without denying them access to inputs. But this does not mean that antitrust policy can reduce inflation caused by supply chain disruption or effectively redistribute wealth between different levels of a supply chain. Competitive markets do not eliminate profits — or price increases […]