Old economic theories Sample Clauses

Old economic theories. The second explanation for the Commission’s inaccurate analyses is that the Commission has been rooted in old theories in the assessment of vertical restraints, theories which are not suitable for fast developing modern economies. This has resulted in the Commission failing to consider vertical distribution agreements in an adequate economic context. 89 Firstly, the Commission has concentrated the analyses on intra-brand competition without considering which effects inter-brand competition has on the market. The outcome has been that the Commission has looked suspiciously on all vertical restraints irrespective of market power. The Chicago School, on the other hand, argues that vertical distribution agreements only pose a threat to competition when the parties have market power, i.e. when there is no or very weak inter-brand competition on the actual market. Secondly, the Commission has considered that the market is still full of barriers to entry. Conversely, the Chicago School asserts that the modern market is flexible, and without barriers to entry. The Chicago School thinks that a market with weak competition quickly self-regulates into a competitive structure.90 I will give an example where I explain these abstract terms. In order to make the reasoning comprehensive and the figures easy to understand, a very simplistic view is taken. The main purpose with the figures is to explain how the Commission’s approach differed from the approach which is taken by the Chicago School.91 Figure 1 89See, e.g., Xxxxxx ‘Vertical restraints under E.U. Competition Law’ [1995] Annual Proceedings of the Fordham Corporate Law Institute p. 307 at p. 318, New York; X. Xxxx and X. Xxxxxxxx ‘The XX Xxxxx Paper on Vertical Restraints: An Economic Comment’ [1998] ECLR pp. 129-138; X. Xxxxxxxxxx note 7 pp. 1-6. 90 Of course, it should be remembered that at the time of the original Block Exemption for Exclusive Distribution from 1967 and Joined Cases 56, 58/64 Etablissements Consten SARL and Grundig-Verkaufs-GmbH v Commission, mainstream economic thinking would have been quite hostile even to most non-price vertical restraints, United States x. Xxxxxx, Xxxxxxx & Co., 388 US 365 [1967] where the Supreme Court ruled against a vertical distribution agreement. Since then the American case law has developed, but not the European, Continental T.V. Inc. V. GTE Sylvania Inc., 433 US 36, 52 [1977]. 91 In my figures a market with three parties is considered as a competitive market. In rea...
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