The War on Plastic
Richard A. Epstein
New York University School of Law; Stanford University - Hoover Institution on War, Revolution and Peace; University of Chicago - Law School
Thomas P. Brown
O'Melveny & Myers LLP
Regulation, Vol. 29, No. 3, pp. 12-16, Fall 2006
The advantages of electronic transactions - swift, reliable, and silent - over clunky checks and bulky cash are apparent to consumers. Yet, the payment industry has been embroiled in a continuous procession of antitrust lawsuits in the United States and increasing threats from overseas. Antitrust law works best when it concentrates on horizontal agreements like bid rigging and price fixing. But, with these attacks on the payment card industry, governments are attacking business arrangements that make platform industries work.
Number of Pages in PDF File: 5
Keywords: credit cards, debit cards, electronic transactions, payment card, payment industry, antitrust,, cooperatives, integrated firms, richard epstein, thomas brown
JEL Classification: D12, D19, D42, E51, L40, L41, L44Accepted Paper Series
Date posted: November 15, 2006
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