The Abolition of Antitrust asserts that antitrust laws--on
economic, legal, and moral grounds--are bad, and provides
convincing evidence supporting arguments for their total abolition.
Every year, new antitrust prosecutions arise in the U.S. courts, as
in the cases against 3M and Visa/MasterCard, as well as a number of
ongoing antitrust cases, such as those involving Microsoft and
college football's use of the Bowl Championship Series (BCS). Gary
Hull and the contributing authors show that these cases--as well as
the Sherman Anti-Trust Act itself--are based on an erroneous
interpretation of the history of American business, premised on bad
economics. They equivocate between economic and political
power--the power to produce versus the power to use physical force.
For Hull, anti-trust prosecutions are based on a horrible moral
inversion: that it is acceptable to sacrifice America's best
producers. The contributors explain how key antitrust ideas, for
instance, "monopoly," "restraint of trade," and "anticompetitive
behavior," have been used to justify prosecution, and then make
clear why those ideas are false. They sketch the historical, legal,
economic, and moral reasoning that gave rise to the passage and
growth of antitrust legislation. All of the theoretical points in
this volume are woven around a number of fascinating cases, both
historical and current--including the Charles River Bridge, Alcoa,
General Electric, and Kellogg/General Mills. This is a dynamic and
accessible work that is not simply a polemical argument for a
particular policy position. Designed for the uninformed but
educated layman, The Abolition of Antitrust also makes positive
arguments in defense of wealth creation, business, and profit,
explains the proper role of government, and offers a rational view
of the meaning of contract and economic freedom.
General
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