New York

Antitrust and Developing & Emerging Economies

Annual Concurrences & NYU School of Law conference, with the support of Charles River Associates, Cleary Gottlieb, ELIG Gürkaynak Attorneys-at-Law, Qualcomm, Ropes & Gray, White & Case (Panel Sponsors) and MLex and PaRR (Media Sponsors).


The conference opened with a keynote address delivered by Professor Joseph Stiglitz (Nobel Prize-Winning Economist, University Professor, Columbia University, New York) on the need for antitrust policy to take a broader view of market power and threats to competition.

Professor Stiglitz invoked his experience with competition policy during his time at the World Bank, where he served as Chief Economist. During his tenure, experts assumed that markets were “automatically” competitive and that any inefficiency and exploitation observed in developing markets could be addressed by market reform and liberalization. Contrary to these assumptions, Professor Stiglitz often observed that when inefficient government regulators were removed, they were quickly replaced by even more exploitative and inefficient private monopolists.

Professor Stiglitz called for a broad rethinking of antitrust policy, both in the United States and in developing economies. He argued that current antitrust frameworks have been unable to respond to increased market power by firms, growing concerns about monopsony power, and rising income inequality. Antitrust policy must acknowledge that technological changes mean that today’s monopolists, like Google and Facebook, probably exercise more market power than Standard Oil and American Tobacco once did.

Photos © Vincent Soyez

Access to this article is restricted to subscribers

Already Subscribed? Sign-in

Access to this article is restricted to subscribers.

Read one article for free

Sign-up to read this article for free and discover our services.



  • Qualcomm (San Diego)
  • Skolkovo Institute for Law and Development (Moscow)
  • Shanghai Jiao Tong University (Shanghai)
  • McGill University - Department of Law (Montreal)
  • NYU School of Law (New York)
  • NYU School of Law (New York)
  • University of California (Berkeley)
  • White & Case (Washington)
  • University of Notre Dame
  • ELIG Gürkaynak Attorneys-at-Law (Istanbul)
  • South African Competition Commission (Pretoria)
  • Cleary Gottlieb Steen & Hamilton (London)
  • Brazilian Administrative Council for Economic Defense (CADE) (Brasilia)
  • Stikeman Elliott (Ottawa)
  • ESSEC Business School (Cergy)
  • Columbia University (New York)
  • South Africa Competition Appeal Court (Bloemfontein)
  • University of Johannesburg
  • Hellenic Competition Commission (Athens)