Market Power, Not Consumer Welfare: A Return to the Foundations of Merger Law
Harvard Corporate Governance
JUNE 15, 2023
Section 7 of the Clayton Act prohibits mergers and acquisitions where “the effect may be substantially to lessen competition, or to tend to create a monopoly.” The “competition” test of section 7 envisions an ideal of markets in which multiple firms compete for the business of trading partners. This post is based on his recent paper.
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