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When Economics met Antitrust: The Second Chicago School and the Economization of Antitrust Law

Author

Listed:
  • Patrice Bougette

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

  • Marc Deschamps

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

  • Frédéric Marty

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

Abstract

We interrogate the legal and economic history to analyse the process by which the Chicago School of Antitrust emerged in the 1950s and became dominant in the United States. They show that the extent to which economic objectives and theoretical views shaped the inception of antitrust law. After establishing the minor influence of economics in the promulgation of U.S. competition law, they highlight U.S. economists' caution toward antitrust until the Second New Deal and analyse the process by which the Chicago School developed a general and coherent framework for competition policy. They rely mainly on the seminal and programmatic work of Director and Levi (1956) and trace how this theoretical paradigm became collective—that is, the "economization" process in U.S. antitrust. Finally, the authors discuss the implications and possible pitfalls of such a conversion to economics-led antitrust enforcement.

Suggested Citation

  • Patrice Bougette & Marc Deschamps & Frédéric Marty, 2015. "When Economics met Antitrust: The Second Chicago School and the Economization of Antitrust Law," Post-Print halshs-01154814, HAL.
    • Handle: RePEc:hal:journl:halshs-01154814
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    Cited by:

    1. Michael E. Doron, 2023. "Could Accounting Have Saved Itself from the Antitrust Laws?Revisiting the Antitrust Investigations into the US Accounting Profession 1966–1990," Abacus, Accounting Foundation, University of Sydney, vol. 59(3), pages 847-871, September.
    2. Patrice Bougette & Oliver Budzinski & Frédéric Marty, 2019. "Exploitative Abuse and Abuse of Economic Dependence: What Can We Learn From an Industrial Organization Approach?," Revue d'économie politique, Dalloz, vol. 129(2), pages 261-286.
    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. Thierry Kirat & Frédéric Marty, 2020. "From the First World War to the National Recovery Administration (1917-1935) - The Case for Regulated Competition in the United States during the Interwar Period," Working Papers halshs-03052417, HAL.
    5. Jean-Luc Gaffard, 2022. "Instabilité et résilience des économies de marché: Essai sur l'économie du libéralisme social," GREDEG Working Papers 2022-33, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    6. Patrice Bougette & Frédéric Marty, 2020. "Information Exchange among Firms: The Coherence of Justice Brandeis' Regulated Competition Approach," Working Papers halshs-03086314, HAL.
    7. Thierry Kirat & Frédéric Marty, 2021. "The late emerging consensus among American economists on antitrust laws in the 2nd New Deal (1935-1941)," Post-Print halshs-03261721, HAL.
    8. Frédéric Marty, 2020. "Protecting the competitive process, not a competitive structure Reflections on the book by Nicolas Petit Big Tech and the Digital Economy," Working Papers halshs-03034024, HAL.
    9. Frédéric Marty, 2020. "Is the Consumer Welfare Obsolete? A European Union Competition Law Perspective," GREDEG Working Papers 2020-13, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    10. Thierry Kirat & Frédéric Marty, 2021. "How Law and Economics Was Marketed in a Hostile World: the institutionalization of the field in the United States from the immediate post-war period to the Reagan years," Working Papers halshs-03124774, HAL.
    11. Thierry Kirat & Frédéric Marty, 2019. "The Late Emerging Consensus Among American Economists on Antitrust Laws in the Second New Deal," CIRANO Working Papers 2019s-12, CIRANO.
    12. David Cayla, 2022. "How the Digital Economy Challenges the Neoliberal Agenda: Lessons from the Antitrust Policies," Journal of Economic Issues, Taylor & Francis Journals, vol. 56(2), pages 546-553, April.

    More about this item

    Keywords

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    JEL classification:

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

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