Competition in a digital economy is a new frontier. Featuring regular cut-through interviews with leading thinkers, movers and shakers, Competition Lore is a podcast series that engages us all in a debate about the transformative potential and risks of digitalised competition. Join Caron Beaton-Wells, Professor in Competition Law at the University of Melbourne, to tackle what it means to participate as a competitor, consumer or citizen in a digital economy and society. Competition Lore is pr ...
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If we regulate to protect privacy, do we risk competition? If we regulate to strengthen competition, do we risk innovation? If we regulate to exclude harmful content, do we risk free speech? Over-simplified perhaps, but these are in essence some of the hard questions in tech policy right now, and grappling with such questions from within a tech com…
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Across developing countries, connectivity through internet access and use, particularly on mobile devices, has vastly improved over the last decade. In large part this is due to the efforts of Big Tech and their strategies of reaching “the next billion users”. As welcome as such efforts may be, there are risks also for competition as a key driver o…
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There wouldn’t be too many more prized, and pressured, jobs than as Chief Economist at the European Commission’s Directorate-General for Competition, and particularly in recent years when DG Comp has been at the vanguard of developments in antitrust enforcement against Big Tech. Professor Tommaso Valletti has just completed his three year term as D…
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Much of the antitrust discourse nowadays is about personal data and the implications of concentrated digital markets for our privacy. But, in focussing on data, have we been missing the wood for the trees? Are we in fact trading our scarce and precious attention for many of the supposedly free services we enjoy online? In this episode our guest, As…
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Downunder's Dive into Digital Platforms
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The Australian Competition and Consumer Commission has completed its ground-breaking inquiry into digital platforms. What distinguishes this inquiry from many others is its broad holistic approach to competition, consumer, unfair trading, privacy and public interest issues. It has a focus on the media and advertising sectors but, if accepted, many …
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The pervasiveness of platforms in our societies is hard to ignore. It has wide ranging effects on and implications for our economic, social and cultural practices and lives. Some focus on the dominance of digital platforms as a failing of antitrust and call for an entire overhaul of the intellectual enterprise. Others go further. One of those is th…
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The George Stigler Centre at the University of Chicago Booth School of Business has been undertaking a wide ranging study of digital platforms. One aspect of the study has a focus on market structures in digital platform markets and the antitrust implications. Other aspects explore privacy and data protection, media and the political system. Each o…
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Between them GAFA have made more than 400 acquisitions over just the last 10 years. With the benefit of hindsight, many of these acquisitions have been portrayed as strategic or killer acquisitions, designed to snuff out potential or emergent competitive threats. Recognising this, there is a growing view that competition authorities must be more pr…
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If you spend any time reading the US press you will have realised that there’s recently been a potentially dramatic series of developments when it comes to Big Tech antitrust. Investigations, congressional hearings and even break ups are all on the menu. In this episode our guest is Matt Stoller, Fellow at the Open Markets Institute, a US think-tan…
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Blockchain antitrust – old wine in new bottles?
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Blockchain is a technology that both bedazzles and bewilders! For its hard core advocates, it is seen as the answer to the problem of concentrated power on the internet. For others, its workings are as impenetrable as its implications. In this episode we are joined by Dr Thibault Schrepel, Assistant Professor at the Utrecht University School of Law…
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The weird and wonderful world of ads?
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Digitalisation has transformed the advertising industry. Not only are advertisers now able to target consumers to a far greater extent than was possible with traditional advertising, but they are also able to track and assess the performance of their ads in ways previously unimaginable. What makes this all possible is the treasure trove of data tha…
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An expert panel appointed by the UK government has recently released its report on changes to competition policy to help unlock the opportunities of the digital economy. One of the co-authors, Professor Philip Marsden, describes it as a “quintessentially British” contribution to the global debate on whether we need adjustments to the law and/or reg…
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Just over a decade after a financial crisis that shook the world, regulators have worked over time to move the financial system from the brink of chaos back to safe ground. But while the preoccupation has been with financial stability, in many countries, it has not been good news for competition. Technological developments and data innovations have…
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The advent of algorithms, machine learning and artificial intelligence have led some to argue that we are living in an age of “mass personalisation”. While the benefits of these technological advances are largely self-evident, there is a growing chorus of alarm. Concerns include increased risks of consumer manipulation, discrimination, loss of dive…
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Neither the law nor economics are value-neutral sciences. If we are to understand why and how competition laws operate in a certain way in an individual jurisdiction, we need to understand the underlying values and belief systems that inform and shape its design and enforcement. In this episode, we are joined by Slaughter & May Professor of Competi…
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In this final (for now) episode in our series on blockchain, we move beyond the economic and legal analysis to consider whether this technology might inform and be part of a broader movement for political and social change. We are joined by Glen Weyl, founder and Chairman of the RadicalxChange Foundation, Principal Researcher at Microsoft and Visit…
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Blockchain is not just bitcoin. It’s a general purpose technology that some say has the potential to revolutionise swathes of the economy, creating a new, more efficient, more secure way to exchange information and value. But just as was true of the early days of the internet, a real understanding of blockchain technology eludes many of us, making …
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Blockchain as the death of antitrust?
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Blockchain technology and smart contracts hold some promise for reinvigorating competition, providing more efficient and secure ways of doing business on the internet, while at the same time lifting the bar in data protection and privacy. But is this new general purpose technology all that it’s made out to be? Will it challenge the power of the maj…
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Donald Trump’s frequent railings about “fake news” have gone viral, possibly even more so than the so-called “fake news” itself. For some, however, the proliferation of fake news on digital platforms is a serious problem. And many are asking whether it is a problem caused by the power of Facebook and Google over when, where and how we consume news.…
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What's the "right" regulation for Facebook?
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Facebook has been taking fire on a host of fronts from governments and regulators around the world. One of the latest to take aim is the Australian Competition and Consumer Commission in its Inquiry into Digital Platforms and their impact on media and advertising sectors. In episode 20 of the podcast Dr Katherine Kemp explained the key findings and…
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Traditional media has been transformed by technological change and across the world, governments and regulators are contemplating the impact of the disruption on the production and consumption of news. Central to this consideration is the influence of digital platforms, Google and Facebook particularly, which now in large part shape what news conte…
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Why is the United States falling behind global competition standards? What drives Margrethe Vestager in leading the European Commission’s aggressive stance on big tech? Why did the Federal Trade Commission walk away from its Google investigation? And why should agencies focus on solutions to market problems, not just big cases and massive fines? Th…
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As the year draws to a close, this episode takes us on a short stroll down memory lane, re-capping key debates and recurring themes and reliving some of the highlights and the lighter moments from the Competition Lore discussion over its first six months. Featuring regular cut-through interviews with leading thinkers, movers and shakers, Competitio…
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“Capitalism without competition is not capitalism”. That is the fundamental and irrefutable premise of a new book by Jonathan Tepper and Denise Hearn, The Myth of Capitalism: Monopolies and the Death of Competition, named one of the best economics books of 2018 by The Financial Times. Tepper and Hearn launch a stinging attack on high concentration …
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The German legislature and competition agency are on the front foot in shoring up antitrust laws and taking action to deal with the challenges raised by a digital economy. Merger notification rules have been amended to ensure that acquisitions of small but significant competitors by the tech giants do not fall through the net. The Bundeskartellamt …
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When grappling with competition issues in the digital economy, Google is often the first name to come up. The tech powerhouse has been in the firing line of competition authorities in Europe. Its business model and strategies have sparked intense debate about what big data and big analytics mean for competition and how or even whether antitrust enf…
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Academics are making an important contribution to current debates regarding the policies and laws that govern competition in the digital era. Independence and objectivity in academic research are crucial to the value and impact of that contribution. In this second episode in our mini-series on Academics and Big Tech, you’ll hear from Professor Ioan…
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Technological transformations are raising a host of legal and economic issues that are keeping competition law academics very busy! But are there risks to academic independence in the era of big tech? And are they any different to the experience with big oil, big tobacco, big pharma? Recently there has been publicity surrounding the extent to which…
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“I think it’s hard to have a mission of wanting to bring the whole world closer together and leave out the biggest country..”. That was Mark Zuckerberg’s response when asked recently about Facebook’s record of attempted entry into China. By and large GAFA have struggled to compete in the largest economy in the world. Meanwhile BAT (the homegrown te…
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On 18 July this year Margrethe Vestager, Europe’s competition czar, announced a record €4.3 billion fine against Google in relation to various practices concerning Android, the search giant’s popular mobile operating system. It comes just over a year after the European Commission’s €2.4 billion fine in the so-called Google Shopping case, discussed …
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Competition and algorithms – friend or foe?
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One of the fathers of economics, Adam Smith, famously said: “people of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.” He was referring of course to the irresistible temptation by competitors to collude. Business collusion t…
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What is privacy and why does it matter?
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What’s behind the statement that all of us make sometimes: “that’s none of your business!”? Have you ever thought about when and why you regard your information or behaviour as private? These are questions that we all need to grapple with in a platform economy, the basis for which is the collection and use of vast amounts of personal data. Some reg…
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Why should trust be the centrepiece of a data-driven economy?
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Big Data and Big Analytics have policymakers in a frenzy. In some parts of the world this is leading to regulation that provides greater protection for privacy. But what does privacy have to do with competition? There are heated debates about whether stricter privacy regulation will shut down competition and innovation or whether it will drive comp…
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Did Google get shopped by the European Commission?
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As debates about big tech heat up, one of the talking points has been the decision of the European Commission to impose a record €2.42 billion fine on Google for abusing its dominance as a search engine by giving illegal advantage to its own comparison shopping service. The decision took 7 years to make and is now on appeal. But Google is not alone…
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The argument over Big Data is split. Some argue Big Data makes a small number of platform companies extremely powerful. These companies have so much data and such resources that they can damage competition, erode our privacy and maybe even distort our democracy. But not everyone shares this view. Others say the data giants are so gigantic because t…
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Are the best things in life still free?
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Ever thought of your data as currency? When was the last time you read the privacy policy when you signed up to an online service? Who has the time? And what are you going to do if you don’t agree? Professor Maurice Stucke argues that what we all thought was free, is still actually costing us – it’s just not taking our money. Coining that now perva…
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Do competition authorities need to transform themselves in a digitally transformed world?
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The digital revolution affecting economies and societies cuts across multiple areas of government policy and is engendering an active dialogue between policymakers. The Organisation for Economic Cooperation and Development is playing a key role in advancing this dialogue and no more so than in the area of competition policy. Should governments be r…
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Are digital platforms destroying the news? The ACCC inquires…
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The way we consume news and media has changed dramatically over the past decade. Print newspapers are almost a thing of nostalgia and few of us wait to sit down in front of a television just to see what’s happening. Digital platforms are replacing media empires. The Australian Competition & Consumer Commission is conducting an inquiry into the effe…
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Many of us use the term "platform" on a daily basis to describe businesses that we connect with online. But when and how does a business act as a platform? And what difference does this make to platform users, whether as consumers or other businesses that sell or advertise products and services on it? Professor Dick Schmalensee has been studying pl…
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What are data-opolies and should we be worried about them?
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There has been vigorous debate about the concentration of market power in super-platforms like Google and Facebook. Do we have the policy tools to preserve competition? What are the implications of increasingly powerful data-opolies? The new economy has led some scholars to question the economic theories that have underpinned competition policy sin…
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Competition in a digital economy is a new frontier. Featuring regular cut-through interviews with leading thinkers, movers and shakers, Competition Lore is a podcast series that engages us all in a debate about the transformative potential and risks of digitalised competition. Join Caron Beaton-Wells, Professor in Competition Law at the University …
…
continue reading