The Myths of Antitrust: Economic Theory and Legal Cases - Hardcover

Armentano, Dominick T

Hardcover

ISBN 10: 0870001590 ISBN 13: 9780870001598

Publisher: Arlington House, 1972

Synopsis

Dust jacket notes: "Dr. Armentano, a young associate professor of economics at the University of Harford, challenges an America sacred cow - the antitrust laws. 'Like all sacred cows,' he writes, 'antitrust laws are shrouded with an aura of authenticity. The prevailing view is that without these laws, a free, competitive economic system could not long endure, and that these laws protect the public from potentially exploitative business monopolies.' This is all balderdash, he declares, and he proves his point by an empirical and definitive study of the classic antitrust cases. The Myths of Antitrust represents the only comprehensive attack on the entire body of antitrust in existence. Armentano tackles the myths head-on. He demonstrates that the accused corporations were not raising prices, reducing outputs, producing shoddy products, colluding with competitors, or driving rivals from the market through predatory practices. He exposes court decisions based on ideology and economic fantasy, judging antitrust cases instead on the basis of the actual economic performance of the accused companies. Outlining the operations of the free-market system, Armentano discusses the theoretical tools that economists employ to measure competition and monopoly. He examines the important sections of the antitrust laws, some rationalizations for government intervention, and two early antitrust cases. He then proceeds to an account of the role played by Standard Oil of New Jersey in the early petroleum industry, and the famous antitrust action against the Standard Oil Company. Armentano's trailblazing narrative includes histories and accounts of antitrust actions against the American Tobacco Company, U.S. Steel, Alcoa, and the United Shoe Machinery Corporation. He critically examines the theory of price fixing and some of the classic price-fixing cases, including the electrical equipment conspiracy of the late 1950s...."

About this edition

• Publisher: Arlington House
• Publication date: 1972
• ISBN 10: 0870001590
• ISBN 13: 9780870001598
• Binding: Hardcover
• Edition number: 1
• Number of pages: 287