A globalized economy is a fact of life in 2002. Will globalization be sustained for the next fifty years? Yes, is the answer if the goals and procedures of multilateral organizations such as the IMF are refocused and if a new social contract is developed among employers, workers, and governments...

The growing dominance of powerful big-box retailers in recent years has enhanced the interests in Galbraith's (1952) hypothesis of countervailing power. The objective of this paper is to assess rigorously this hypothesis using a theoretical model that captures the main ingredients of Galbraith's...

In the dominant firm-competitive fringe model, where firms purchase input from a common supplier via two-part tariff contracts, we demonstrate that countervailing power may be neutral. Unlike Chen (2003), more countervailing power may not lead to lower consumer prices.

Providing resource security for one group of stakeholders frequently entails loss of a certain degree of resource security for another group of stakeholders. The competing interests of winners and losers, and the ‘public good’ nature of many resource uses, makes it challenging to...

Miscoordination of buyers might prevent entry in an industry with an incumbent and a more efficient potential entrant. Buyers' power therefore favours entry by eliminating coordination problems. We also identify a mechanism which facilitates entry: if the potential entrant could credibly offer...

This book will trace the trajectory of the surprising idea that the victims of monopolistic conspiracies should be allowed to fight back using the same fraudulent and immoral weapons as the conspirators. In other words, if left to itself, the market will produce the antibodies necessary to...