Recent regulatory activism is fuelled by regret about the past. Yet it carries its own risks
Save time by listening to our audio articles as you multitaskBut that has changed in recent years. More and more non-horizontal mergers are being challenged by antitrust authorities. In September America’s Federal Trade Commission lost its challenge in court to a tie-up between Illumina, which provides “next-generation”-sequencing tools, and Grail, a developer of early cancer-detection tests, which rely on Illumina’s technology. Theis appealing the judgment.
To understand how regulators got to this point, it is worth returning to the 1970s. A group of antitrust thinkers orbiting the University of Chicago cast doubt on the idea that vertical mergers could be harmful by employing the theory of “one monopoly profit”. This theory says that a monopolist cannot extend its market power up or down the vertical chain of production. To grasp it, imagine an airport operator that leases space to two coffee shops.
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