3. In big we trust

1 See Stephen Davis, Jon Lukomnik and David Pitt-Watson, What They Do With Your Money: How the Financial System Fails Us, and How to Fix It, Yale University Press, 2016.

2 Mark Sagoff, The Economy of the Earth: Philosophy, Law, and the Environment, 2nd edition, Cambridge University Press, 2008, quoted by Ioannis Lianos in his paper ‘Polycentric Competition Law’, Current Legal Problems, 1 September 2018.

3 Adam Smith, The Theory of Moral Sentiments, Andrew Millar (London), 1759, p. 350.

4 Adam Smith, The Wealth of Nations, Vol. I, 1776. See Chapter II ‘Of the Principle which Gives Occasion to the Division of Labour’.

5 Joseph Schumpeter, Capitalism, Socialism, and Democracy, Harper & Brothers, 1942.

6 US Supreme Court, Verizon Communications Inc. v. Trinko. Ruled on 13 January 2004.

7 See Jonathan B. Baker, ‘Beyond Schumpeter vs. Arrow: How Antitrust Fosters Innovation’, Antitrust Law Journal, 2007, Vol. 74, No. 3, 575‒602; Carl Shapiro, ‘Competition and Innovation: Did Arrow Hit the Bull’s Eye?’, in Josh Lerner and Scott Stern (eds), The Rate and Direction of Inventive Activity Revisited, NBER, 2012, pp. 361‒404.

8 Mariana Mazzucato, The Entrepreneurial State: Debunking Public vs. Private Sector Myths, Penguin, 2018.

9 See Jonathan B. Baker, ‘Taking the Error Out of “ Error Cost ” Analysis: What’s Wrong with Antitrust’s Right’, Antitrust Law Journal, 2015, Vol. 80, No. 1, 1‒38.

10 Zephyr Teachout and Lina Khan, ‘Market Structure and Political Law: A Taxonomy of Power’, Duke Journal of Constitutional Law & Public Policy, 2014, Vol. 9, No. 1, 37‒74. See also Ioannis Lianos, ‘Competition Law for the Digital Era: A Complex Systems Perspective’, CLES Research Paper Series 6/2019, August 2019.

11 Adi Ayal, ‘The Market for Bigness: Economic Power and Competition Agencies’ Duty to Curtail it’, Journal of Antitrust Enforcement, 2013, Vol. 1, No. 2, 221‒46.

12 Charles Fishman, The Wal-Mart Effect: How the World’s Most Powerful Company Really Works—and How It’s Transforming the American Economy, Penguin, 2006, p. 2, cited in Teachout and Khan, ‘Market Structure and Political Law’.

13 Global Justice Now, ‘69 of the richest 100 entities on the planet are corporations, not governments, figures show’, 17 October 2018.

14Uber Newsroom, ‘Uber’s Clean Air Plan to help London go electric’, 23 October 2018.

15 James Maxwell and Forrest Briscoe, ‘There’s money in the air: the CFC ban and DuPont’s regulatory strategy’, Business Strategy and the Environment, 1997, Vol. 6, No. 5, 276‒86.

16 Quoted in Justin Hyde, ‘GM’s “ Engine Charlie ” Wilson learned to live with a misquote’, Detroit Free Press, 14 September 2008.

17 Kiran Stacey, ‘Amazon and Microsoft unchallenged in $10bn “Jedi ” contract review’, Financial Times, 27 August 2019; Rana Foroohar, ‘Government contracts become Amazon’s new target market’, Financial Times, 26 May 2019.

18 DealBook, ‘Greenspan Calls to Break Up Banks “ Too Big to Fail ”’, New York Times, 15 October 2009.

19 Alan Greenspan, ‘Antitrust’, paper given at the Antitrust Seminar of the National Association of Business Economists, Cleveland, Ohio, 25 September 1961.

20 Luigi Zingales, ‘Towards a Political Theory of the Firm’, Journal of Economic Perspectives, 2017, Vol. 31, No. 3, 113‒30.

21 Katherine Smith et al., ‘Corporate coalitions and policymaking in the European Union: How and why British American Tobacco promoted “ Better Regulation ”’, Journal of Health, Politics, Policy & Law, 2015, Vol. 40, No. 2, 325‒72.

22https://influencemap.org/report/How-Big-Oil-Continues-to-Oppose-the-Paris-Agreement-38212275958aa21196dae3b76220bddc (accessed January 2020).

23 Greenpeace European Unit, Smoke & Mirrors – How Europe’s biggest polluters became their own regulators, report published in March 2015.

24 See Teachout and Khan, ‘Market Structure and Political Law’, p. 47; Martin Gilens and Benjamin I. Page, ‘Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens’, Perspectives on Politics, 2014, Vol. 12, No. 3, 564‒81.

25 International Panel of Experts on Sustainable Food Systems, Too Big to Feed: Exploring the impacts of mega-mergers, consolidation and concentration of power in the agri-food sector, report published by IPES-Food, 2017.

26The Lancet Commission, ‘The Global Syndemic of Obesity, Undernutrition, and Climate Change: The Lancet Commission report’, The Lancet, 27 January 2019.

27 OECD, Concentration in Seed Markets: Potential Effects and Policy Responses, report published 4 December 2018.

28 Julia Carrie Wong, ‘Facebook policy chief admits hiring PR firm to attack George Soros’, The Guardian, 22 November 2018; Hannah Kuchler, ‘Facebook accused of smearing George Soros’, Financial Times, 15 November 2018.

29 See Mark Scott and Nicholas Hirst, ‘Google’s academic links under scrutiny’, Politico, 13 May 2018; Adam Rogers, ‘Looks Like Google Bought Favorable Research to Lobby With’, Wired, 12 July 2017; Brody Mullins and Jack Nicas, ‘Paying Professors: Inside Google’s Academic Influence Campaign’, Wall Street Journal, 14 July 2017.

30 Tom Hamburger and Matea Gold, ‘Google, once disdainful of lobbying, now a master of Washington influence’, Washington Post, 12 April 2014.

31 Kenneth P. Vogel, ‘Google Critic Ousted From Think Tank Funded by the Tech Giant’, New York Times, 30 August 2017.

32 Jonathan Tepper, ‘Why Regulators Went Soft On Monopolies’, The American Conservative, 9 January 2019.

33 Recode Staff, ‘Full transcript: Senator Chuck Schumer on Recode Decode’, Recode Decode, 13 March 2018.

34 Hal Singer, ‘The Cambridge Affair Exposed Facebook’s Dark Arts. Here’s A Counterspell That Doesn’t Kill Tech’, Forbes, 2 April 2018.

35 For an overview of the documents visit: https://www.who.int/tobacco/media/en/TobaccoExplained.pdf; for the WHO response visit https://www.who.int/tobacco/dy_speeches1/en/ (websites accessed January 2020).

36 Nicholas Carr, The Shallows: How the internet is changing the way we think, read and remember, Atlantic Books, 2011.

37 Jesse Eisinger and Justin Elliott, ‘These Professors Make More Than a Thousand Bucks an Hour Peddling Mega-Mergers’, ProPublica, 16 November 2016.

38Alexandra Stevenson, ‘Facebook Admits It Was Used to Incite Violence in Myanmar’, New York Times, 6 November 2018.

39 Ryan Gallagher, ‘Twitter helped Chinese Government promote disinformation on repression of Uighurs’, The Intercept, 19 August 2019.

40 Stephanie Kirchgaessner, ‘Google loophole allows anti-abortion clinics to post deceptive ads’, The Guardian, 19 August 2019.

41 James Landis, The Administrative Process, Yale University Press, 1938, p. 11.

42 Zingales, ‘Towards a Political Theory of the Firm’.

43 Vicky Cann, ‘Google: One of Brussels’ most active lobbyists’, LobbyFacts.eu, 12 December 2016.

44 Roy Shapira and Luigi Zingales, ‘Is Pollution Value-Maximizing? The DuPont Case’, NBER Working Paper No. 23866, September 2017.

45 Chad Bray, ‘BP to Take $1.7 Billion Charge Over Deepwater Horizon Spill’, New York Times, 16 January 2018.

46 Dina Srinivasan, ‘The Antitrust Case Against Facebook’, Berkeley Business Law Journal, 2019, Vol. 16, No. 1, 39‒101.

47 Sarah E. Light, ‘The Law of the Corporation as Environmental Law’, Stanford Law Review, 2019, Vol. 71, 137‒213; European Commission investigation, Case Number AT.40178 – Car Emissions.

48 Adam Ozanne, Power and Neoclassical Economics: A Return to Political Economy in the Teaching of Economics, Palgrave Macmillan, 2015, p. 85.

49 Robert B. Reich, Saving Capitalism: For the Many, Not the Few, Knopf, 2015, p. 11.

50 George Monbiot, ‘Neoliberalism – the ideology at the root of all our problems’, The Guardian, 15 April 2016.