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Antitrust Policy: A Century of Economic and Legal Thinking

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Author Info
William Kovacic (School of Law, George Washington University, Washington, D.C.)
Carl Shapiro (Haas School of Business and Economics Department, University of California, Berkeley)

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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.

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Publisher Info
Paper provided by Competition Policy Center, Institute for Business and Economic Research, UC Berkeley in its series Competition Policy Center, Working Paper Series with number CPC99-009.

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Date of creation: 02 Oct 1999
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Handle: RePEc:cdl:compol:cpc99-009

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Keywords: antitrust; Sherman Act;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Kovacic, William E, 1992. "The Influence of Economics on Antitrust Law," Economic Inquiry, Oxford University Press, vol. 30(2), pages 294-306, April.
  2. 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. [Downloadable!] (restricted)
  3. Carl Shapiro, 1989. "The Theory of Business Strategy," RAND Journal of Economics, The RAND Corporation, vol. 20(1), pages 125-137, Spring. [Downloadable!] (restricted)
  4. George J. Stigler, 1980. "The Economist as Preacher," University of Chicago - George G. Stigler Center for Study of Economy and State 11, Chicago - Center for Study of Economy and State.
  5. Franklin M. Fisher, 1989. "Games Economists Play: A Noncooperative View," RAND Journal of Economics, The RAND Corporation, vol. 20(1), pages 113-124, Spring. [Downloadable!] (restricted)
  6. Gaskins, Darius Jr., 1971. "Dynamic limit pricing: Optimal pricing under threat of entry," Journal of Economic Theory, Elsevier, vol. 3(3), pages 306-322, September. [Downloadable!] (restricted)
  7. George J. Stigler, 1947. "The Kinky Oligopoly Demand Curve and Rigid Prices," Journal of Political Economy, University of Chicago Press, vol. 55, pages 432. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Oliver Budzinski, 2009. "Modern Industrial Economics and Competition Policy: Open Problems and Possible Limits," Working Papers 93/09, University of Southern Denmark, Department of Environmental and Business Economics. [Downloadable!]
  2. Lee, Cassey, 2004. "Legal Traditions and Competition Policy," Centre on Regulation and Competition (CRC) Working papers 30697, University of Manchester, Institute for Development Policy and Management (IDPM). [Downloadable!]
    Other versions:
  3. Joseph A. Clougherty, 2003. "Industry Trade-Balance and Domestic Merger Policy: Some Empirical Evidence from the U.S," CIG Working Papers SP II 2003-19, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG). [Downloadable!]
  4. Adriana Breccia & Hector Salgado-Banda, 2005. "Competing or Colluding in a Stochastic Framework," Birkbeck Working Papers in Economics and Finance 0504, Birkbeck, Department of Economics, Mathematics & Statistics. [Downloadable!]
  5. Adriana Breccia & Hector Salgado-Banda, 2006. "Competing or Colluding in a Stochastic Environment," Computing in Economics and Finance 2006 423, Society for Computational Economics. [Downloadable!]
  6. Robert E. Litan & Carl Shapiro, 2003. "Antitrust Policy During the Clinton Administration," Law and Economics 0303003, EconWPA. [Downloadable!]
  7. Javier Campos Méndez & Juan Luis Jiménez González, 2003. "Old and new ideas in Competition Policy," Documentos de trabajo conjunto ULL-ULPGC 2003-06, Facultad de Ciencias Económicas de la ULPGC. [Downloadable!]
  8. Joseph A. Clougherty, 2004. "Antitrust Holdup Source, Cross-National Institutional Variation, and Corporate Political Strategy Implications for Domestic Mergers in a Global Context," CIG Working Papers SP II 2004-09, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG). [Downloadable!]
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