Does Antitrust Enforcement Reduce Funding for Innovation?
In 2023, the US Department of Justice (DOJ) and Federal Trade Commission (FTC) announced new merger and acquisition (M&A) enforcement guidelines (US Department of Justice and The Federal Trade Commission 2023). Guidelines, which are updated as needed, explain the framework the DOJ and FTC employ in deciding which firms and mergers to consider as anti-trust targets. This update was the first major revision of the merger guidelines since 2010 and was published amidst concern about the growing power of social media and tech companies and a political divide over what constitutes concerning behavior.