Market Power Rising: Do We Have a Monopoly Problem?

Event Info:

Are we in a monopoly moment? From Amazon’s purchase of Whole Foods, to multi-billion dollar fines for Google in the EU, to the future of Net Neutrality, the intersection of competition policy and the tech and telecoms sectors has taken center stage in the policy debate. At the same time, the stagnation of the American middle class increasingly seems to be the result of changing power dynamics in the labor market. And on a macro level, corporate profits are at historic highs. Antitrust and competition policy are deeply intertwined in all of this. Have we entered a new age for antitrust?

Join the Roosevelt Institute and the George Washington University Institute of Public Policy for a keynote address by Nobel Laureate and Roosevelt Institute Chief Economist Joe Stiglitz and two panel discussions on burgeoning areas of interest for those engaged in the antitrust debate – first, competition policy, tech, and telecoms, and second, antitrust and market power in the labor market.

12:00pm – 2:30pm, Monday, September 25th
The Cloyd Heck Marvin Center, Room 309
George Washington University
800 21st St. NW
Washington, DC 20052

Sorry, registration is now closed due to capacity constraints. Tune in afterward for video of the event. 

Looking forward to your attendance,

Hal J. Singer, Senior Fellow, GWIPP
Felicia Wong, President & CEO, Roosevelt Institute
Marshall Steinbaum, Research Director & Fellow, Roosevelt Institute

 

Additional Information on Speakers and Panelists:

Introduction and Welcome from Felicia Wong, President & CEO of the Roosevelt Institute

Felicia Wong is the President and CEO of the Roosevelt Institute, which seeks to re-imagine the social and economic policies of Franklin and Eleanor Roosevelt for the 21st century. She has helped lead the Roosevelt Institute’s work on a rewriting the rules agenda, a comprehensive economic program and narrative that has become increasingly politically influential.

Felicia came to the Institute from the Democracy Alliance, and previously ran operations and product development at a venture-funded education services company. Her public service includes a White House Fellowship in the Office of the Attorney General and a political appointment in the Office of the Secretary of the Navy. She holds a Ph.D. in political science from the University of California, Berkeley. Her doctoral dissertation on the role of race and framing in K-12 public education politics received the 2000 American Political Science Association award in Race, Ethnicity, and Politics. She is a co-author of the forthcoming “Rewrite the Racial Rules: Building an Inclusive American Economy.”

Keynote Address from Roosevelt Institute Chief Economist, Joe Stiglitz

Joseph E. Stiglitz is an American economist and a professor at Columbia University. He is also the co-chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and the Chief Economist of the Roosevelt Institute.  A recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979), he is a former senior vice president and chief economist of the World Bank and a former member and chairman of the (US president’s) Council of Economic Advisers. In 2000, Stiglitz founded the Initiative for Policy Dialogue, a think tank on international development based at Columbia University. He has been a member of the Columbia faculty since 2001 and received that university’s highest academic rank (university professor) in 2003. Based on academic citations, Stiglitz is the 4th most influential economist in the world today, and in 2011 he was named by Time magazine as one of the 100 most influential people in the world. Known for his pioneering work on assymetric information, Stiglitz’s work focuses on income distribution, asset risk management, corporate governance, and international trade.His most recent titles are The Euro: How a Common Currency Threatens the Future of Europe, Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity and The Great Divide: Unequal Societies and What We Can Do About ThemGlobalization and Its Discontents Revisited will be released in November 2017.

Panel 1: Antitrust in the Tech Sector

About the moderator:

Sally Hubbard is an investigative journalist specializing in antitrust and tech giants, including Google, Apple, Facebook and Amazon. In recent months, she has focused on fake news and the market structures and business incentives that allow it to thrive. Previously, Sally was an Assistant Attorney General in the Antitrust Bureau of the Office of the New York State Attorney General under the Spitzer, Cuomo, and Schneiderman administrations. At the OAG, she was honored with the Louis Leftkowitz Award for her role in the municipal bond derivative bid-rigging investigation.

As a writer for The Capitol Forum, Sally has built a track record of predicting tech, media, and telecom merger outcomes. She is known for breaking from consensus. For example, following careful analysis, she wrote about the antitrust difficulties she expected for the Comcast/Time Warner Cable merger the day after the deal was announced in early 2014, while most others predicted that the transaction would be cleared. Her analysis was confirmed some 14 months later when the US Department of Justice expressed opposition to the transaction.

Sally is also a Washington Bytes contributor for Forbes.com, and her work has appeared in The Huffington Post, Slate, and the American Bar Association’s publication The Threshold. She holds a B.A. from The College of William and Mary, and a law degree from NYU School of Law.

Panelists:

Michelle P. Connolly is a Professor of the Practice in the Economics Department at Duke University. Professor Connolly’s research and teaching focus on international trade, telecommunications policy, media policy, education, growth, and development.

Professor Connolly previously served as Chief Economist of the Federal Communications Commission in 2006-2007 and 2008-2009, and as an Economist in International Research for the Federal Reserve Bank of New York from 1996 to 1997.

She graduated Phi Beta Kappa and Summa Cum Laude from Yale University in 1990, and went on to earn her M.A. and M.Phil. in economics. Professor Connolly received her Ph.D. in economics from Yale University in 1996.

Professor Connolly has testified before Congress and participated in White House Panels and Roundtables on Spectrum Issues and Trade Policy.

In 2011, Professor Connolly received the Howard D. Johnson Trinity College Teaching Prize.

In 2013, Professor Connolly was awarded a National Science Foundation Secure and Trustworthy Cyberspace Grant.  She currently teaches Macroeconomics and Honors Research, and runs a Spectrum Policy Lab.

 

Lina Khan is Director of Legal Policy at the Open Markets Institute and an associate research scholar at Yale Law School. She researches market competition across sectors, and the way that antitrust law and competition policy shape our political economy. Her recent article “Amazon’s Antitrust Paradox” examines how current law fails to capture the architecture of market power in the modern economy. Khan’s work has been published by the Yale Law Journal and the Harvard Law & Policy Review, as well as by the New RepublicNew York TimesPolitico, the Washington Monthly, and the Washington Post. Her antitrust work has been cited by The Atlantic, Bloomberg, The EconomistFinancial Times, Forbes, New York Times, and Wall Street Journal, and she has appeared on NPR, C-SPAN, and Fox Business News. 

From 2015-2017, Khan represented and litigated on behalf of homeowners against financial institutions through Yale’s Mortgage Foreclosure Litigation Clinic. She also spent summers litigating at Gupta Wessler PLLC, Cohen Milstein Sellers & Toll, and the Consumer Financial Protection Bureau. During 2014 she served as policy director for Zephyr Teachout’s gubernatorial campaign in New York. She received a B.A. magna cum laude in political theory from Williams College and a J.D. from Yale Law School.

 

Terrell McSweeny is a commissioner of the Federal Trade Commission. Prior to joining, she served as Chief Counsel for Competition Policy and Intergovernmental Relations for the U.S. Department of Justice Antitrust Division. She joined the Antitrust Division after serving as Deputy Assistant to the President and Domestic Policy Advisor to the Vice President from January 2009 until February 2012, advising President Obama and Vice President Biden on policy in a variety of areas, including health care, innovation, intellectual property, energy, education, women’s rights, criminal justice and domestic violence.

McSweeny’s government service also includes her work as Senator Joe Biden’s Deputy Chief of Staff and Policy Director in the U.S. Senate, where she managed domestic and economic policy development and legislative initiatives, and as Counsel on the Senate Judiciary Committee, where she worked on issues such as criminal justice, innovation, women’s rights, domestic violence, judicial nominations and immigration and civil rights. She also worked as an attorney at O’Melveny & Myers LLP.

McSweeny is a graduate of Harvard University and Georgetown University Law School.

Hal J. Singer is a principal at Economists Incorporated, a senior fellow at the George Washington Institute of Public Policy, and an adjunct professor at Georgetown’s McDonough School of Business.

Dr. Singer is co-author of the e-book The Need for Speed: A New Framework for Telecommunications Policy for the 21st Century (Brookings Press 2013), and co-author of the book Broadband in Europe: How Brussels Can Wire the Information Society (Kluwer/Springer Press 2005). He has published several book chapters and his articles have appeared in dozens of legal and economic journals.

Dr. Singer has testified before Congress on the interplay between antitrust and sector-specific regulation. His scholarship and testimony has been widely cited by courts and regulatory agencies. In several antitrust cases concerning class certification, the district court’s order favorably cited Dr. Singer’s testimony. In agency reports and orders, his writings have been cited by the Federal Communications Commission, the Federal Trade Commission, and the Department of Justice.

Although his consulting experience spans several industries, Dr. Singer has particular expertise in the media industry. He recently advised the Canadian Competition Bureau on a large vertical merger in the cable television industry. He has served as consultant or testifying expert for several media companies, including Apple, AT&T, Bell Canada, Google, Mid-Atlantic Sports Network, NFL Network, Tennis Channel, and Verizon.

Dr. Singer is a frequent speaker and editorial writer. His essays have appeared in several leading newspapers and magazines. Several of his public appearances are available on C-SPAN.

Dr. Singer earned M.A. and Ph.D. degrees in economics from the Johns Hopkins University and a B.S. magna cum laude in economics from Tulane University.

Panel 2: Workers and Antitrust

About the moderator:

 

Asher Schechter is a journalist and a writer, currently working for the Stigler Center at the University of Chicago as a writer and editor of ProMarket.org. He is also a columnist for the Israeli newspaper Haaretz-TheMarker, where he previously worked as a senior features writer. A journalist for over 10 years, he mostly covers issues related to antitrust, corruption, lobbying, social movements, and the intersection of politics and the digital economy. He is the author of Rothschild: The Story of a Protest Movement (2012, Hakibutz Hameuhad-Poalim Publishing House), a nonfiction book covering Israel’s social protests of 2011. He is also the author of Israeli politics 2013: Movers and Shakers Unmasked, an e-book composed of various profiles of Israeli politicians originally published in Haaretz. He currently resides in New York.

Panelists:

Diana Moss is President of the American Antitrust Institute (AAI). She served as AAI’s Vice President from 2006-2014 and was Senior Research Fellow from 2001-2005. An economist, Dr. Moss has developed and expanded AAI’s research, education, and advocacy channels and strategies and strengthened communications with enforcers, Congress, other advocacy groups, industry, and the media. Her work spans both antitrust and regulation, with industry expertise in energy, agriculture, airlines, telecommunications, and healthcare. Before joining AAI, Dr. Moss was a senior staff economist at the Federal Energy Regulatory Commission where she coordinated competition analysis for electricity mergers and contributed to major rulemakings on merger policy, transmission access, and market-based rates. From 1989 to 1994, she consulted in private practice in the areas of public utility regulation and antitrust at the National Economic Research Associates and Putnam Hayes and Bartlett. Dr. Moss has spoken widely on various topics on antitrust and regulation, testified before Congress, appeared before state and federal regulatory commissions, and made numerous radio and television appearances. She has published articles in a number of economic and legal academic journals, including: American Economic Review, Journal of Industrial Organization, the Energy Law Journal, and the Antitrust Bulletin. She is editor of Network Access, Regulation and Antitrust (2005). Dr. Moss is Adjunct Faculty in the Department of Economics at the University of Colorado at Boulder. She holds an M.A. degree from the University of Denver and a Ph.D. from the Colorado School of Mines. She is an avid skier, hiker, and sailor.

Laura Giuliano is an Associate Professor of Economics at the University of California, Merced.  Her specialty is labor economics and her research interests include the causes and consequences of labor market inequality and the effects of minimum wages on earnings and employment.  From August 2015-December 2016, she served as Senior Economist for Labor, Education and Welfare for President Obama’s Council of Economic Advisers, where her portfolio included competition policy as it relates to the labor market.  Previously she was an Associate Professor of Economics at the University of Miami, and she has also held visiting faculty positions at the University of Virginia and the University of California, Berkeley.  She received a BA in Economics from the University of Virginia, an MA in International Relations from Yale University, and a PhD in Economics from the University of California, Berkeley.

Marshall Steinbaum is a Fellow and Research Director at the Roosevelt Institute, where he researches market power and inequality. He works on tax policy, antitrust & competition policy, and the labor market, in particular declining entrepreneurship and labor mobility as well as credentialization and its result: the student debt crisis. He is a co-editor of After Piketty: The Agenda for Economics and Inequality (Harvard University Press 2017), and his work has appeared in Democracy, Boston Review, the New Republic, the American Prospect, the Industrial and Labor Relations Review, and ProMarket.

Suresh Naidu is Assistant Professor of Economics at Columbia University, School of International and Public Affairs. Naidu teaches economics, political economy, and development. He previously served as a Harvard Academy Junior Scholar at Harvard University, and as an instructor in economics and political economy at the University of California-Berkeley. Naidu holds a BMath from University of Waterloo, an MA in economics from the University of Massachusetts-Amherst, and a PhD in economics from the University of California-Berkeley. Publications include, “Recruitment Restrictions and Labor Markets: Evidence from the Post-Bellum U.S. South” and “Intergenerational Wealth Transmission and the Dynamics of Inequality in Small-Scale Societies.”

 

Relevant Readings:

Amazon’s Antitrust Paradox, by Lina M. Khan

Paid Prioritization and Zero Rating: Why Antitrust Cannot Reach the Part of Net Neutrality Everyone is Concerned About, by Hal J. Singer

What Role for Antitrust in the Era of Rising Inequality? The Importance of Power in Supply Chains, by Marshall Steinbaum

Declining Entrepreneurship, Labor Mobility, and Business Dynamism: A Demand-Side Approach, by Marshall Steinbaum and Mike Konczal

It’s Time to Start Thinking of Antitrust Policy as a Labor Market Issue, by Marshall Steinbaum

Monopsony Takes Center Stage, by Marshall Steinbaum

Antitrust and Inequality: What Antitrust Can and Should Do to Protect Workers by Diana Moss