Does Rising Industry Concentration Signify Monopoly Power?
Certain ideas dominate debate about the state of competition in the United States: that market shares for top firms are rising, that consumers and competitors are suffering, and that a lack of enforcement of antitrust laws is a key cause of these difficulties. Such a narrative, though, is highly challengeable. In a new paper, Cato scholar Ryan Bourne suggests that rising national concentration among industries may not be reflective of reduced competition in relevant markets or reflect harm to consumers’ welfare.
- “Does Rising Industry Concentration Signify Monopoly Power?,” by Ryan Bourne
Financing Immigration: The Financial‐Market Value of a Market‐Based Immigration System
The American legal immigration system is in desperate need of reform. One reform idea with far‐reaching potential is the immigration tariff: the sale of permanent conditional work and residency visas that we call gold cards at a price set by Congress. In a new paper, Cato scholars Alex Nowrasteh and Andrew C. Forrester argue that adding an immigration tariff would both liberalize our immigration system and raise a large amount of revenue for the federal government.
- “Financing Immigration: The Financial‐Market Value of a Market‐Based Immigration System,” by Alex Nowrasteh and Andrew C. Forrester
The U.S.-China Trade War: Is There an End in Sight?
The United States and China have been engaged in an escalating tariff, trade, and national security conflict since July 2018, when the first set of U.S. tariffs on China went into effect and China retaliated with tariffs of its own. In the new issue of Cato Journal, Cato scholars Simon Lester and Huan Zhu explore the U.S.-China economic conflict, from its origins to the trade war as it stands today, and offer their thoughts on where this conflict is heading. Also in this issue, Clifford F. Thies and Christopher F. Baum conduct a rigorous quantitative analysis of the effect of war on economic growth, and Timothy Sandefur discusses Frederick Douglass and the American Dream.
India Should Join Asia’s New Free‐Trade Area
After seven years of negotiations, India has backed out of joining the Regional Comprehensive Economic Partnership (RCEP), a Free Trade Area (FTA) that was to include 16 countries—including China, Japan, Korea, Australia, New Zealand, and India—and would cover 40 percent of global gross domestic product and over half the world population. In a new paper, Cato scholar Swaminathan S. Anklesaria Aiyar argues that India needs to avoid the temptations of protectionism and opt instead for reforms that make it more competitive.
- “India Should Join Asia’s New Free‐Trade Area,” by Swaminathan S. Anklesaria Aiyar