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The Output Effects of Government Sponsored Cartels During the New Deal

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  • Jason E. Taylor

Abstract

This paper uses the National Industrial Recovery Act of 1933, which set up industry‐wide cartels in the manufacturing sector of the US economy, to gain empirical insight into the current debate on the output effects of cartels. Recent theoretical studies have demonstrated ways in which cartels could expand, rather than reduce output as is traditionally thought. The New Deal cartel experiment does not support this ‘efficient cartel’ view. On the contrary, the legislation brought about a reduction in manufacturing output, as traditional cartel theory would predict.

Suggested Citation

  • Jason E. Taylor, 2002. "The Output Effects of Government Sponsored Cartels During the New Deal," Journal of Industrial Economics, Wiley Blackwell, vol. 50(1), pages 1-10, March.
    • Handle: RePEc:bla:jindec:v:50:y:2002:i:1:p:1-10
    DOI: 10.1111/1467-6451.00164
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    Citations

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    Cited by:

    1. Iwan Bos & Erik Pot, 2012. "On the possibility of welfare-enhancing hard core cartels," Journal of Economics, Springer, vol. 107(3), pages 199-216, November.
    2. Thierry Kirat & Frédéric Marty, 2021. "The late emerging consensus among American economists on antitrust laws in the 2nd New Deal (1935-1941)," SciencePo Working papers Main halshs-03261721, HAL.
    3. Thierry Kirat & Frédéric Marty, 2020. "The Late Emerging Consensus Among American Economists on Antitrust Laws in the Second New Deal (1935-1941) (Revised Version)," CIRANO Working Papers 2020s-46, CIRANO.
    4. Taylor, Jason E. & Neumann, Todd C., 2016. "Recovery Spring, Faltering Fall: March to November 1933," Explorations in Economic History, Elsevier, vol. 61(C), pages 54-67.
    5. Chicu, Mark & Ziebarth, Nicolas L., 2013. "Multi-market contact and competition: evidence from the Depression-era portland cement industry," International Journal of Industrial Organization, Elsevier, vol. 31(5), pages 603-611.
    6. Todd C. Neumann & Jason E. Taylor & Jerry L. Taylor, 2012. "The Behavior of the Labor Market between SCHECHTER (1935) and JONES & LAUGHLIN (1937)," Cato Journal, Cato Journal, Cato Institute, vol. 32(3), pages 605-627, Fall.
    7. Grajzl, Peter & Murrell, Peter, 2007. "Allocating lawmaking powers: Self-regulation vs government regulation," Journal of Comparative Economics, Elsevier, vol. 35(3), pages 520-545, September.
    8. Jason E. Taylor, 2011. "Work‐sharing During the Great Depression: Did the ‘President's Reemployment Agreement’ Promote Reemployment?," Economica, London School of Economics and Political Science, vol. 78(309), pages 133-158, January.
    9. Taylor, Jason E. & Neumann, Todd C., 2013. "The effect of institutional regime change within the new deal on industrial output and labor markets," Explorations in Economic History, Elsevier, vol. 50(4), pages 582-598.
    10. Chicu, Mark & Vickers, Chris & Ziebarth, Nicolas L., 2013. "Cementing the case for collusion under the National Recovery Administration," Explorations in Economic History, Elsevier, vol. 50(4), pages 487-507.
    11. Forsbacka, Tove & Le Coq, Chloé & Marvão, Catarina, 2023. "Cartel birth and death dynamics: Empirical evidence," International Journal of Industrial Organization, Elsevier, vol. 89(C).
    12. Adam Smith & Richard Wagner & Bruce Yandle, 2011. "A theory of entangled political economy, with application to TARP and NRA," Public Choice, Springer, vol. 148(1), pages 45-66, July.
    13. Jason E. Taylor, 2007. "Cartel Code Attributes and Cartel Performance: An Industry-Level Analysis of the National Industrial Recovery Act," Journal of Law and Economics, University of Chicago Press, vol. 50(3), pages 597-624.
    14. Taylor Jason E, 2010. "The Welfare Impact of Collusion under Various Industry Characteristics: A Panel Examination of Efficient Cartel Theory," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 10(1), pages 1-29, October.

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