Yves Botteman and Daniel Barrio Barrio
An area of uncertainty, and with differences of approach between competition authorities, is whether brand owners can prevent distributors from reselling their products via online marketplaces such as Amazon. This article considers the European Court of Justice's judgment in Coty and its implications for distribution arrangements, as regards both the application of Article 101 TFEU and the Vertical Restraints Block Exemption Regulation to selective distribution arrangements and restrictions on internet sales via third-party platforms. It also considers the European Commission's response to the Coty judgment (including its application to non-luxury goods) and the approach taken by national courts and competition authorities.
Thomas Palley and Matías Vernengo
Robert J. Gordon
In the late 1960s the stable negatively sloped Phillips curve was overturned by the Friedman–Phelps natural rate model. Their Phillips curve was vertical in the long run at the natural unemployment rate, and their short-run curve shifted up whenever unemployment was pushed below the natural rate. This paper criticizes the underlying assumption of the Friedman–Phelps approach that the labor market continuously clears and that changes in unemployment down or up occur only in response to ‘fooling’ of workers, firms, or both. A preferable and resolutely Keynesian approach explains quantity rationing by inertia in price and wage setting. The positive correlation of inflation and unemployment in the 1970s and again in the 1990s is explained by joining the negatively sloped Phillips curve with a positively sloped dynamic demand curve. For any given growth of nominal GDP, higher inflation implies slower real GDP growth and higher unemployment. This ‘triangle’ model based on demand, supply, and inertia worked well to explain why inflation and unemployment were both positively and negatively correlated between the 1960s and 1990s, but in the past decade the slope of the short-run Phillips curve has flattened as inflation exhibited a muted response to high unemployment in 2009–2013 and low unemployment in 2016–2018.
This chapter surveys the history of the belief that capitalist enterprises have a wider responsibility to, and for, society and the natural environment beyond exclusively making profits for their owners. It shows that by the early twentieth century there were well-developed traditions of business responsibility in major industrial nations, and the creation of philanthropic foundations by business leaders had begun. Subsequently the growth of big business and the shock of the Great Depression contributed to further discussion on the matter. In Asia, and to some extent in Latin America, radical concepts of business responsibility developed, often motivated by religious beliefs and secular philosophies such as Confucianism. There were always many interpretations of responsibility of business leaders, and the overall concept never mainstreamed. Recent decades have seen a wide diffusion of the rhetoric about corporate social responsibility, but it is unclear how this has truly impacted corporate strategies.
Ingmar van Meerkerk and Jurian Edelenbos
This chapter sets out the aims and plan of the book. It discusses the need for examining boundary spanners and their behavior. Moreover, it stresses the need to realize a more comprehensive understanding of boundary spanning behavior, its antecedents and impact. In this respect it argues for a more interdisciplinary approach and for more systematic knowledge accumulation. Furthermore, it discusses the added value of the book compared to other books on boundary spanning. Next to a readers guide and overview of the various chapters, it provides a definition of boundary spanners and it presents the approach taken in this book of which a systematic literature review on boundary spanners is pivotal.