Economic Democracy and Market Power
Antitrust Chronicle (April 2020), Competition Policy International
7 Pages Posted: 4 Jun 2020
Date Written: April 21, 2020
The original motivations of antitrust suggest an alternative remedy for market power: changes to corporate governance to include stakeholders who are subject to this power. In contrast to structural and behavioral remedies, “stakeholder remedies,” as we call them, have several desirable features. Stakeholder remedies allow corporations to harness benefits of scale while blocking their ability to exploit market power and avoiding cumbersome direct regulation by nation states. Thus, such remedies have the potential to resolve the key tensions in existing competition policy, and could stimulate a new inclusive democratic paradigm for corporate governance.
Keywords: antitrust, corporate governance, stakeholder capitalism, economies of scale, antitrust remedies, competition law, competition policy, economic democracy
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