The War on Plastic

5 Pages Posted: 15 Nov 2006

See all articles by Richard A. Epstein

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; Paul Hastings

Abstract

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.

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, L44

Suggested Citation

Epstein, Richard A. and Brown, Thomas P., The War on Plastic. Regulation, Vol. 29, No. 3, pp. 12-16, Fall 2006, Available at SSRN: https://ssrn.com/abstract=944870

Richard A. Epstein (Contact Author)

New York University School of Law ( email )

40 Washington Square South
New York, NY 10012
United States
(212) 992-8858 (Phone)
(212) 995-4894 (Fax)

Stanford University - Hoover Institution on War, Revolution and Peace

Stanford, CA 94305-6010
United States

University of Chicago - Law School ( email )

1111 E. 60th St.
Chicago, IL 60637
United States
773-702-9563 (Phone)
773-702-0730 (Fax)

Thomas P. Brown

O'Melveny & Myers LLP ( email )

Two Embarcadero Center
28th Floor
San Francisco, CA 94111
United States

Paul Hastings ( email )

101 California
48th Floor
San Francisco, CA 94111
United States

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