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When economics met antitrust: The second Chicago School and the economization of antitrust law

Listed author(s):
  • Patrice Bougette

    (Université Nice Sophia Antipolis (UNS))

  • Marc Deschamps

    (Université de Lorraine (UL))

  • Frédéric Marty

    (Groupe de Recherche en Droit, Economie et Gestion (GREDEG))

In this article, the authors interrogate legal and economic history to analyze 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 analyze 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.

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File URL: http://spire.sciencespo.fr/hdl:/2441/1op860fg2l8f4p3acvk2hj0tmn/resources/2015-bougette-when-economics-met-antitrust-vauteur.pdf
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Paper provided by Sciences Po in its series Sciences Po publications with number info:hdl:2441/1op860fg2l8f4p3acvk2hj0tmn.

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Date of creation: Jun 2015
Publication status: Published in Enterprise & Society, 2015, vol. 16, pp.313-353
Handle: RePEc:spo:wpmain:info:hdl:2441/1op860fg2l8f4p3acvk2hj0tmn
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  1. Einer Elhauge, 2007. "Harvard, Not Chicago: Which Antitrust School Drives Recent U.S. Supreme Court Decisions?," CPI Journal, Competition Policy International, vol. 3.
  2. Nabila Arfaoui, 2014. "Eco-innovation and Regulatory Push/Pull Effect in the Case of REACH Regulation: Empirical Evidence from Survey Data," GREDEG Working Papers 2014-19, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis, revised Dec 2015.
  3. Miscamble, Wilson D., 1982. "Thurman Arnold Goes to Washington: A Look at Antitrust Policy in the Later New Deal," Business History Review, Cambridge University Press, vol. 56(01), pages 1-15, March.
  4. Nicola Giocoli, 2012. "Crossed destinies: law and economics meets the history of economic thought," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 20(3), pages 15-24.
  5. Nicola Giocoli, 2015. "Old lady charm: explaining the persistent appeal of Chicago antitrust," Journal of Economic Methodology, Taylor & Francis Journals, vol. 22(1), pages 96-122, March.
  6. Stephen Breyer, 2009. "Economic Reasoning and Judicial Review," Economic Journal, Royal Economic Society, vol. 119(535), pages 123-135, February.
  7. DiLorenzo, Thomas J & High, Jack C, 1988. "Antitrust and Competition, Historically Considered," Economic Inquiry, Western Economic Association International, vol. 26(3), pages 423-435, July.
  8. Giocoli, Nicola, 2008. "Competition vs. property rights: American antitrust law, the Freiburg School and the early years of European competition policy," MPRA Paper 33807, University Library of Munich, Germany.
  9. Patrice Bougette & Frédéric Marty & Julien Pillot & Patrice Reis, 2012. "Exclusivity in High-Tech Industries: Evidence from the French Case," Post-Print halshs-00691836, HAL.
  10. Gressley, Gene M., 1964. "Thurman Arnold, Antitrust, and the New Deal," Business History Review, Cambridge University Press, vol. 38(02), pages 214-231, June.
  11. William E. Kovacic & Carl Shapiro, 2000. "Antitrust Policy: A Century of Economic and Legal Thinking," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 43-60, Winter.
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