By Dominick T. Armentano
This journey de strength rips the highbrow disguise off antitrust rules to bare it as a bludgeon utilized by companies opposed to their opponents. in contrast to many critics, Professor Armentano contains the common sense of his research to the fullest attainable quantity: "My place on antitrust hasn't ever been ambiguous," he writes. "All of the antitrust legislation and the entire enforcement business enterprise authority will be summarily repealed. The antitrust equipment can't be reformed; it has to be abolished."
Professor Armentano starts off with the main rigorous and revealing account of the Microsoft antitrust conflict to seem in print. He additional discusses different fresh situations, together with Toys 'R' Us, Staples, and Intel, in addition to many old situations. He covers approximately each plausible intent for antitrust, together with expense solving, predatory pricing, product tie-ins, vertical and horizontal mergers, and lots of extra.
This is a crucially very important paintings in our new period of antitrust enforcement. This 2d variation is totally revised and encompasses a therapy of Murray Rothbard's contributions to the speculation of monopoly and pageant. It ends by means of arguing that antitrust is opposite to either free-market monetary thought and the security of estate rights in a loose society.
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Additional info for Antitrust: The Case for Repeal
And although the merger attitudes and guidelines were somewhat more relaxed than they had been in previous years, the antitrust authorities continued to intervene in certain beer, office supply, and telecommunications industry consolidations. In short, although the focus of antitrust enforcement changed somewhat in the 1980s and early 1990s, the antitrust authorities still remained active in the areas of price fixing, mergers, and restrictive practices, where it was alleged that firms were able to harm social welfare.
14 These advantages are often secured by legal barriers to entry and competition that serve to restrict production and increase prices. Import quotas in the textile industry, for example, have had the effect of protecting domestic textile companies from foreign competition while inflicting massive economic losses on consumers. 15 Antitrust, despite disclaimers, is government regulation. Whether antitrust was originally intended to promote and protect special business interests can never be known with absolute certainty, although there is some evidence this may have been the case.
Certainly a monopolist that is inefficient cannot deter market entry; 3 See, for instance, Edwin Mansfield, Microeconomics: Theory and Applications, 5th ed. W. Norton, 1985), p. 294. The entire notion of a free-market monopoly price and output may be untenable. See Murray N. : D. Van Nostrand, 1962), Vol. 2, pp. 586-615. Also see the Appendix in this chapter for an explanation of Rothbard's monopoly theory. 36 Competition and Monopoly: Theory and Evidence inefficiency will act as an invitation to entry and additional output.
Antitrust: The Case for Repeal by Dominick T. Armentano