November 16, 2021
Markets

How Freiburg and Chicago Drifted Apart Over Market Power & Monopolies

Early neoliberals tended to view market power and monopolies as phenomena that somehow had to be reined in by an institutional framework in order to maintain the pressure of competition. However, over time, the Freiburg and Chicago schools of thought diverged in their respective views, giving rise to fundamentally different perspectives on market dynamics and the need for regulatory action, thus marking the respective endpoints of the neoliberal spectrum.


Editor’s note: The current debate in economics seems to lack a historical perspective. To try to address this deficiency, we decided to launch a Sunday column on ProMarket focusing on the historical dimension of economic ideas. You can read all of the pieces in the series here.

In the cosmos of neoliberalism, the Chicago and Freiburg schools of thought are typically considered as standing for virtually opposing…

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