By Jan B. Rittaler Ingo L.O. Schmidt
The booklet of this clinically analytical and trenchantly insightful quantity is felicitously timed. through fortuitous accident, it comes at a time whilst the Chicago university enjoys a high-water mark of attractiveness in U.S. felony circles, and at a time while the U.S. merger move of the Eighties is cresting. It presents a welcome caution opposed to the risks of translating summary theories, in keeping with hugely restrictive (and unrealistic) assumptions, into facile public coverage strategies. As such the Schmidt/Rittaler research serves as a wanted antidote to the presently trendy predilection to confuse ideology with technology. within the Chicago lexicon, the single acceptable coverage towards enterprise is a coverage of untrammeled laissez-faire. simply because there are not any marketplace imperfec tions (other than government-created or trade-union-generated monopolies), the marketplace will be depended on to control fiscal job, inexorably allotting applicable rewards and punishments. during this perfect international, company dimension and tool might be effectively missed. in any case, organizations turn into monstrous purely simply simply because they're effective, in simple terms simply because they're effective, in basic terms simply because they've got served shoppers higher than their opponents, and purely simply because no novices are more than enough to problem their dominance. as soon as an business colossal turns into torpid and now not bestows its effective beneficence on society, it's going to necessarily wither and at last die. this is often the "natural legislation" that governs fiscal existence. It calls for obedience to its ideas. It tolerates no interference via the state.
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Additional info for A Critical Evaluation of the Chicago School of Antitrust Analysis
Two other possible objectives in particular have been neglected: (1) The notion of small business protection is neglected by the Chicago Cf. Bork. The Antitrust Paradox. op. cit.. 107 ff. Cf. Williamson. • supra. 18 ff. 93 Cl. Williamson.
V. , 1958 CCH Trade Cases § 68,961, pp. 73,862 ff. 38 Cf. Brown Shoe Co. v. , 1962 CCH Trade Cases § 70,366, pp. 76,479 ff. 39 Brown Shoe Co. v. , op. , pp. 76,500 (emphasis added). 40 Northern Pacific Railway Co. v. , op. , pp. 73,864 (emphasis added). 37 32 The Shennan Act was designed to be a comprehensive charter of economic liberty aimed at preserving free and unfettered competition as the rule of trade. It rests on the premise that the unrestrained interaction of competitive forces will yield the best allocation of our economic resources, the lowest prices, the highest quality and the greatest material progress, while at the same time providing an environment conducive to the preservation of our democratic political and social institutions.
1940. 15 Cf. , Toward a Concept of Workable Competition, 30 The American Economic Review 241 ff. C. 1961. 16 On this concept cf. esp. Kantzenbach, Erhard, Die Funktionsfahigkeit des Wettbewerbs, 2nd rev. , Gottingen 1967, refering to Almarin Phillips, Market Structure, Organization, and Performance, Cambridge, Mass. 1962. 17 Cf. , Economic Change, New York 1953. 18 Cf. ZohlnhOfer and Greiffenberg, op. , pp. 79 ff. , and Thomas M. Jorde, Market Definition in the Merger Guidelines: Implications for Antitrust Enforcement, 71 California Law Review 464 ff.
A Critical Evaluation of the Chicago School of Antitrust Analysis by Jan B. Rittaler Ingo L.O. Schmidt