FIRST MODERN INSTITUTIONS OF COMPETITION REGULATION – LAW AND ECONOMICS OR LAW VERSUS ECONOMICS?
DOI:
https://doi.org/10.12775/EiP.2014.031Keywords
regulation, antitrust, public policy, competition, Sherman Antitrust Act, Clayton ActAbstract
Competition regulation nowadays is a result of a nexus of many intertwined phenomena, which under different circumstances might bring different results. Throughout the history of this process it is easy to observe quite complicated relationship between economic theories of competition and theory and practice of law. It might look, as if institutions regulating competition are simple realisation of economic theories. The truth is different, as competition regulation originated in times, when complex theoretical analysis of that type was not condemning trusts and was generally leaning towards self-regulatory powers of competition. The main theme of this paper is an attempt to identify the way of introducing the first modern competition regulation law. In the conclusion, the paper substantiates the hypothesis, that the economics played insignificant role in the whole process, it even might be stated, that the Sherman Antitrust Act was introduced despite the economists’ scepticism towards such way of regulation of markets. In the analysis other explanations for the Act emerge: one rooted in public choice theory, the other taking into consideration motives of possible personal revenge of Sen. Sherman.
References
Addyston Pipe & Steel Co. v. United States, 175 U.S. 211, 1899.
Bork R.H., The Antitrust Paradox: A Policy At War With Itself, Free Press, New York, 1993.
Bradley Jr. R.L., On the Origins of the Sherman Antitrust Act, „The Cato Journal”, Vol. 9, No. 3/1990.
Brownlie A.D., Prichard M.F.L., Professor Fleeming Jenkin, 1833-1885 Pioneer in Engineering and Political Economy, „Oxford Economic Papers,” Vol. 15, No. 3/1963.
Bumgardner L., Antitrust Law in the European Union, „Graziadio Business Review”, Vol. 8, No. 3/2005.
Clark J.B., The Limits of Competition, „Political Science Quarterly”, Vol. 2, No. 1/1887, http://dx.doi.org/10.2307/2139316.
Clayton Act, 15 USC §§ 12-27, 29 USC §§ 52-53, 1914.
Cowen T., Did Tariffs Boost 19th Century U.S. Economic Growth?, 2006, http://marginalrevolution.com/marginalrevolution/2006/07/did_tariffs_boo.html (19.10.2013).
Davenport H.J., The Economics of Enterprise, The Macmillan Co., New York 1919.
DiLorenzo T.J., High J.C., Antitrust and Competition, Historically Considered, „Eco-nomic Inquiry”, Vol. 26, No. 3/1988, http://dx.doi.org/10.1111/j.1465-7295.1988.tb01505.x.
Disney H., A More Subtle Anti-Trust Regime for Europe, „Financial Times”, 2004.
Dr. Miles Medical Co. v. John D. Park and Sons, 220 U.S. 373, 1911.
Ely R.T., Monopolies and Trusts, Citizen’s Library of Economics, Politics, and Sociol-ogy, The Macmillan Company, London 1900.
Federal Trade Commission Act, 15 USC §§ 41-58, 1914.
Fisher I., Elementary Principles of Economics, The Macmillan Company, New York 1916.
George J.Z., Senate Discussion, „Congressional Record”, Vol. 21/1890.
Gresham M., Life of Walter Quintin Gresham 1832-1895, Rand, McNally, Chicago 1919.
Gunton G., The Economic and Social Aspect of Trusts, „Political Science Quarterly”, Vol. 3, No. 3/1888, http://dx.doi.org/10.2307/2139050.
Hadley A.T., Economics: An Account of the Relations Between Private Property and Public Welfare, G.P. Putnam’s Sons, London 1896.
Irwin D.A., Did Late-Nineteenth-Century U.S. Tariffs Promote Infant Industries? Evi-dence from the Tinplate Industry, „The Journal of Economic History”, Vol. 60, No. 2/2000, http://dx.doi.org/10.1017/s0022050700025122.
Irwin D.A., Tariffs and Growth in Late Nineteenth Century America, NBER Working Papers, No. 7639/2000.
Jennings J.P., Comparing The US And EU Microsoft Antitrust Prosecutions: How Level Is the Playing Field?, „Erasmus Law and Economics Review”, Vol. 2, No. 1/2006.
Kenna J.E., Senate Discussion, „Congressional Record”, Vol. 21/1890.
Laughlin J.L., The Elements of Political Economy, American Books Co., New York 1902.
Marshall A., Industry and Trade. A Study of Industrial Technique and Business Organ-ization, Macmillan and Co. Limited, London 1919.
Marshall A., Principles of Economics, Library of Economics and Liberty, London 1920.
Martin S., Industrial Organization in Context, Oxford University Press, Oxford 2007.
McGowan L., The Antitrust Revolution in Europe: Exploring the European Commis-sion’s Cartel Policy, Edward Elgar Publishing, Northampton 2010.
Motta M., Competition Policy, Cambridge University Press, Cambridge, New York, 2004.
OurDocuments.gov, Sherman Anti-Trust Act (1890), http://www.ourdocuments.gov/doc.php?flash=true&doc=51 (14.10.2013).
Seligman E.R.A., Principles of Economics, Longmans, Green and Co., New York 1909.
Sherman Act, 15 USC §§ 1-7, 1890.
Sherman J., Senate Discussion, „Congressional Record”, Vol. 21/1890.
Standard Oil Co. of New Jersey v. United States, 221 U.S. 1, 1911.
Stewart W.M., Senate Discussion, „Congressional Record”, Vol. 21/1890.
Stigler G.J., The Economists and the Problem of Monopoly, „The American Economic Review”, Vol. 72, No. 2/1982.
Stigler G.J., The Origin of the Sherman Act, „The Journal of Legal Studies”, Vol. 14, No. 1/1985, http://dx.doi.org/10.1086/467763.
Taussig F.W., Principles of Economics, Vol. 2, Cosimo Classics, New York 2013.
The New York Times, Mr. Sherman’s Hopes and Fears, http://query.nytimes.com/gst/abstract.html?res=9B06E4D7103BE533A25752C0A9669D94619ED7CF (19.10.2013).
The New York Times, Sherman to Alger, http://query.nytimes.com/gst/abstract.html?res=9F04E0DA153BE533A25756C2A9659C94619ED7CF (19.10.2013).
Thorelli H.B., The Federal Antitrust Policy: Origination of an American Tradition, Johns Hopkins Press, Baltimore 1955.
Turpie D., Senate Discussion, „Congressional Record”, Vol. 21/1890.
Vest G.G., Senate Discussion, „Congressional Record”, Vol. 21/1890.
Viscusi W.K., Economics of Regulation and Antitrust, MIT Press, Cambridge 2005.
Downloads
Published
How to Cite
Issue
Section
Stats
Number of views and downloads: 469
Number of citations: 0
