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Antitrust Policy: A Century of Economic and Legal Thinking

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  • Kovacic, William E.
  • Shapiro, Carl

Abstract

Passage of the Sherman Act in the United States in 1890 set the stage for a century of jurisprudence regarding monopoly, cartels, and oligopoly. Among American statutes that regulate commerce, the Sherman Act is unequaled in its generality. The Act outlawed "every contract, combination or conspiracy in restraint of trade" and "monopolization" and treated violations as crimes. By these open-ended commands, Congress gave federal judges extraordinary power to draw lines between acceptable cooperation and illegal collusion, between vigorous competition and unlawful monopolization.

Suggested Citation

  • Kovacic, William E. & Shapiro, Carl, 1999. "Antitrust Policy: A Century of Economic and Legal Thinking," Competition Policy Center, Working Paper Series qt5zb4g387, Competition Policy Center, Institute for Business and Economic Research, UC Berkeley.
    • Handle: RePEc:cdl:compol:qt5zb4g387
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    References listed on IDEAS

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    1. Stigler, George J., 1980. "The Economist as Preacher," Working Papers 11, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
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    3. Shapiro, Carl, 1989. "Theories of oligopoly behavior," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 1, chapter 6, pages 329-414, Elsevier.
    4. Carl Shapiro, 1989. "The Theory of Business Strategy," RAND Journal of Economics, The RAND Corporation, vol. 20(1), pages 125-137, Spring.
    5. George J. Stigler, 1947. "The Kinky Oligopoly Demand Curve and Rigid Prices," Journal of Political Economy, University of Chicago Press, vol. 55(5), pages 432-432.
    6. Kovacic, William E, 1992. "The Influence of Economics on Antitrust Law," Economic Inquiry, Western Economic Association International, vol. 30(2), pages 294-306, April.
    7. Michael Salinger, 1990. "The Concentration-Margins Relationship Reconsidered," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(1990 Micr), pages 287-335.
    8. Jonathan B. Baker, 1999. "Policy Watch: Developments in Antitrust Economics," Journal of Economic Perspectives, American Economic Association, vol. 13(1), pages 181-194, Winter.
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    More about this item

    Keywords

    antitrust; Sherman Act;

    JEL classification:

    • L40 - Industrial Organization - - Antitrust Issues and Policies - - - General
    • K21 - Law and Economics - - Regulation and Business Law - - - Antitrust Law

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