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Antitrust and Business Activity: The First Quarter Century

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  • Bittlingmayer, George

Abstract

The modern corporation arose out of the trusts, mergers and holding companies of the late 19th century, an evolution that generated volatile political reactions. Though economists and business historians have analyzed the rise of the corporate form, they have neglected a second, related problem: Did attacks on the modern corporation depress business activity, as critics of Theodore Roosevelt and Howard Taft claimed? This paper has three aims. First, it covers the relevant analytical issues, including the effects of policy uncertainty on business investment. Second, it reviews the history of shifting governmental policy in the light of its possible economic effects. Finally, it examines die statistical link between antitrust enforcement and business activity for the years 1891–1914. Antitrust case filings against large firms coincided with business downturns, while filings against small firms did not. These findings provide supporting evidence though not decisive proof for the charge that trust-busting hurt business activity.

Suggested Citation

  • Bittlingmayer, George, 1996. "Antitrust and Business Activity: The First Quarter Century," Business History Review, Cambridge University Press, vol. 70(3), pages 363-401, October.
    • Handle: RePEc:cup:buhirw:v:70:y:1996:i:03:p:363-401_04
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    Cited by:

    1. Torsten Feys, 2017. "Between the Public and the State: The Shipping Lobby's Strategies against US Immigration Restrictions 1882–1917," International Migration Review, Wiley Blackwell, vol. 51(2), pages 344-374, June.
    2. Hüschelrath, Kai, 2008. "Is it Worth all the Trouble? The Costs and Benefits of Antitrust Enforcement," ZEW Discussion Papers 08-107, ZEW - Leibniz Centre for European Economic Research.
    3. Bucheli, Marcelo & Mahoney, Joseph T. & Vaaler, Paul M., 2007. "Chandler's Living History: The Visible Hand of Vertical Integration in 19th Century America Viewed under a 21st Century Transaction Costs Economics Lens," Working Papers 07-0111, University of Illinois at Urbana-Champaign, College of Business.
    4. Hart, David M., 2001. "Antitrust and technological innovation in the US: ideas, institutions, decisions, and impacts, 1890-2000," Research Policy, Elsevier, vol. 30(6), pages 923-936, June.
    5. Marcelo Bucheli & Joseph T. Mahoney & Paul M. Vaaler, 2010. "Chandler's Living History: "The Visible Hand" of Vertical Integration in Nineteenth Century America Viewed Under a Twenty-First Century Transaction Costs Economics Lens," Journal of Management Studies, Wiley Blackwell, vol. 47(s1), pages 859-883, July.

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