The Abolition Of Antitrust

The Abolition of Antitrust asserts that antitrust laws--on economic, legal, and moral grounds--are bad, and provides convincing evidence supporting arguments for their total abolition. Every year, new antitrust prosecutions arise in the U.S. courts, as in the cases against 3M and Visa/MasterCard, as well as a number of ongoing antitrust cases, such as those involving Microsoft and college football's use of the Bowl Championship Series (BCS). Gary Hull and the contributing authors show that these cases--as well as the Sherman Anti-Trust Act itself--are based on an erroneous interpretation of the history of American business, premised on bad economics. They equivocate between economic and political power--the power to produce versus the power to use physical force. For Hull, anti-trust prosecutions are based on a horrible moral inversion: that it is acceptable to sacrifice America's best producers. The contributors explain how key antitrust ideas, for instance, "monopoly," "restraint of trade," and "anticompetitive behavior," have been used to justify prosecution, and then make clear why those ideas are false. They sketch the historical, legal, economic, and moral reasoning that gave rise to the passage and growth of antitrust legislation. All of the theoretical points in this volume are woven around a number of fascinating cases, both historical and current--including the Charles River Bridge, Alcoa, General Electric, and Kellogg/General Mills. This is a dynamic and accessible work that is not simply a polemical argument for a particular policy position. Designed for the uninformed but educated layman, The Abolition of Antitrust also makes positive arguments in defense of wealth creation, business, and profit, explains the proper role of government, and offers a rational view of the meaning of contract and economic freedom.

The Abolition of Antitrust asserts that antitrust laws-on economic, legal, and moral grounds-are bad, and provides convincing evidence supporting arguments for their total abolition. Every year, new antitrust prosecutions arise in the U.S. courts, as in the cases against 3M and Visa/MasterCard, as well as a number of ongoing antitrust cases, such as those involving Microsoft and college football's use of the Bowl Championship Series (BCS). Gary Hull and the contributing authors show that these cases-as well as the Sherman Antitrust Act itself-are based on an erroneous interpretation of the history of American business, premised on bad economics. They equivocate between economic and political power-the power to produce versus the power to use physical force. For Hull, antitrust prosecutions are based on a horrible moral inversion: that it is acceptable to sacrifi ce America's best producers. The contributors explain how key antitrust ideas, for instance, "monopoly," "restraint of trade," and "anticompetitive behavior," have been used to justify prosecution, and then make clear why those ideas are false. They sketch the historical, legal, economic, and moral reasoning that gave rise to the passage and growth of antitrust legislation. All of the theoretical points in this volume are woven around a number of fascinating cases, both historical and current-including the Charles River Bridge, Alcoa, General Electric, and Kellogg/General Mills. Designed for the uninformed but educated layman, The Abolition of Antitrust makes positive arguments in defense of wealth creation, business, and profi t, explains the proper role of government, and offers a rational view of the meaning of contract and economic freedom. AldineTransaction www.transactionpub.com ISBN: 978-1-4128-0502-5 Library of Congress: 2004058124 Printed in the U.S.A. Cover design by Ellen F. Kane "The essays in this book present a sustained economic, historical, moral, and legal broadside against the various federal statutes known as antitrust doctrine. They explode the cherished myths underlying the antitrust laws, and expose their intellectual fountainhead in a morality of self-sacrifice that is incompatible with individual rights, free enterprise, and objective law. With the publication of this text, businessmen, lawyers, economists, policymakers, legislators, and judges finally have access to a systemic critique of the antitrust laws. From here on, if antitrust continues to violate the rights of businessmen and to ravage the American economy, it is not for lack of knowing how and why."-Adam Mossoff, assistant professor of law, Michigan State University College of Law

"The essays in this book present a sustained economic, historical, moral, and legal broadside against the various federal statutes known as antitrust doctrine. They explode the cherished myths underlying the antitrust laws, and expose their intellectual fountainhead in a morality of self-sacrifice that is incompatible with individual rights, free enterprise, and objective law. With the publication of this text, businessmen, lawyers, economists, policy makers, legislators, and judges finally have access to a systemic critique of the antitrust laws. From here on, if antitrust continues to violate the rights of businessmen and to ravage the American economy, it is not for lack of knowing how and why."--Adam Mossoff, Assistant Professor of Law, Michigan State University The Abolition of Antitrust asserts that antitrust laws--on economic, legal, and moral grounds--are bad, and provides convincing evidence supporting arguments for their total abolition. Every year, new antitrust prosecutions arise in the U.S. courts, as in the cases against 3M and Visa/MasterCard, as well as a number of ongoing antitrust cases, such as those involving Microsoft and college football's use of the Bowl Championship Series (BCS). Gary Hull and the contributing authors show that these cases--as well as the Sherman Anti-Trust Act itself--are based on an erroneous interpretation of the history of American business, premised on bad economics. They equivocate between economic and political power--the power to produce versus the power to use physical force. For Hull, anti-trust prosecutions are based on a horrible moral inversion: that it is acceptable to sacrifice America's best producers. The contributors explain how key antitrust ideas, for instance, "monopoly," "restraint of trade," and "anticompetitive behavior," have been used to justify prosecution, and then make clear why those ideas are false. They sketch the historical, legal, economic, and moral reasoning that gave rise to the passage and growth of antitrust legislation. All of the theoretical points in this volume are woven around a number of fascinating cases, both historical and current--including the Charles River Bridge, Alcoa, General Electric, and Kellogg/General Mills. This is a dynamic and accessible work that is not simply a polemical argument for a particular policy position. Designed for the uninformed but educated layman, The Abolition of Antitrust also makes positive arguments in defense of wealth creation, business, and profit, explains the proper role of government, and offers a rational view of the meaning of contract and economic freedom. Gary Hull is director of the Program on Values and Ethics in the Marketplace (VEM) at Duke University, and has taught philosophy and business ethics at the Fuqua School of Business, Whittier College, and the Claremont Graduate School. He is coeditor of The Ayn Rand Reader.

"The essays in this book present a sustained economic, historical, moral, and legal broadside against the various federal statutes known as antitrust doctrine. They explode the cherished myths underlying the antitrust laws, and expose their intellectual fountainhead in a morality of self-sacrifice that is incompatible with individual rights, free enterprise, and objective law. With the publication of this text, businessmen, lawyers, economists, policy makers, legislators, and judges finally have access to a systemic critique of the antitrust laws. From here on, if antitrust continues to violate the rights of businessmen and to ravage the American economy, it is not for lack of knowing how and why."--Adam Mossoff, Assistant Professor of Law, Michigan State University The Abolition of Antitrust asserts that antitrust laws--on economic, legal, and moral grounds--are bad, and provides convincing evidence supporting arguments for their total abolition. Every year, new antitrust prosecutions arise in the U.S. courts, as in the cases against 3M and Visa/MasterCard, as well as a number of ongoing antitrust cases, such as those involving Microsoft and college football's use of the Bowl Championship Series (BCS). Gary Hull and the contributing authors show that these cases--as well as the Sherman Anti-Trust Act itself--are based on an erroneous interpretation of the history of American business, premised on bad economics. They equivocate between economic and political power--the power to produce versus the power to use physical force. For Hull, anti-trust prosecutions are based on a horrible moral inversion: that it is acceptable to sacrifice America's best producers. The contributors explain how key antitrust ideas, for instance, "monopoly," "restraint of trade," and "anticompetitive behavior," have been used to justify prosecution, and then make clear why those ideas are false. They sketch the historical, legal, economic, and moral reasoning that gave rise to the passage and growth of antitrust legislation. All of the theoretical points in this volume are woven around a number of fascinating cases, both historical and current--including the Charles River Bridge, Alcoa, General Electric, and Kellogg/General Mills. This is a dynamic and accessible work that is not simply a polemical argument for a particular policy position. Designed for the uninformed but educated layman, The Abolition of Antitrust also makes positive arguments in defense of wealth creation, business, and profit, explains the proper role of government, and offers a rational view of the meaning of contract and economic freedom. Gary Hull is director of the Program on Values and Ethics in the Marketplace (VEM) at Duke University, and has taught philosophy and business ethics at the Fuqua School of Business, Whittier College, and the Claremont Graduate School. He is coeditor of The Ayn Rand Reader.

This volume explores the promise and limitations of competitive market dynamics, looking at the threats to competition - cartels, agreements, monopolies, and mergers - and the laws in place across the US and European Union to safeguard the process of competition.

More than any other area of regulation, antitrust economics shapes law and policy in the United States, the Americas, Europe, and Asia. In a number of different areas of antitrust, advances in theory and empirical work have caused a fundamental reevaluation and shift of some of the assumptions behind antitrust policy. This reevaluation has profound implications for the future of the field. The Oxford Handbook of International Antitrust Economics has collected chapters from many of the leading figures in antitrust. In doing so, this two volume Handbook provides an important reference guide for scholars, teachers, and practitioners. However, it is more than a merely reference guide. Rather, it has a number of different goals. First, it takes stock of the current state of scholarship across a number of different antitrust topics. In doing so, it relies primarily upon the economics scholarship. In some situations, though, there is also coverage of legal scholarship, case law developments, and legal policies. The second goal of the Handbook is to provide some ideas about future directions of antitrust scholarship and policy. Antitrust economics has evolved over the last 60 years. It has both shaped policy and been shaped by policy. The Oxford Handbook of International Antitrust Economics will serve as a policy and research guide of next steps to consider when shaping the future of the field of antitrust.

The stated purpose of antitrust laws is to protect competition and the public interest. But do such laws actually restrict the competitive process, harming consumers and serving the special interests of a few politically-connected competitors? Is antitrust law a necessary defense against the predatory business practices of wealthy, entrenched corporations that dominate a market? Or does antitrust law actually work to restrain and restrict the competitive process, injuring the public it is supposed to protect? This breakthrough study examines the classic cases in antitrust law and demonstrates a surprising gap between the stated aims of antitrust law and what it actually accomplishes in the real world. Instead of protecting competition, this book asserts, antitrust law actually protects certain politically-favoured competitors. This is an essential work for anyone wishing to understand the limitations and problems of contemporary antitrust actions.

A basic dilemma confronting today’s manager is how to be both profitable and moral. Making profits through immoral means—such as deceiving investors or customers—is unsustainable. Likewise, remaining moral while losing money will cause a business to fail. According to conventional morality, either a business manager maximizes profits and necessarily compromises on ethics, or necessarily sacrifices profits in order to be moral. Woiceshyn explains why this is a false dichotomy and offers rational egoism as an alternative moral code to businesspeople who want to maximize profits ethically. Through logical argument and various examples, this book shows how to apply principles such as rationality, productiveness, honesty, justice, and pride for long-term self-interest.