The Making of Competition Policy Legal and Economic Sources

Author: Daniel A. Crane; Herbert Hovenkamp
Publisher: Oxford University Press USA
ISBN: 9780199782796
Published In: March 2013
Format: Hardback , 510 pages
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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This book provides an easy point of entry for students of contemporary competition policy interested in surveying the key intellectual developments in competition theory over the past three centuries.
There is no work like this one that collects, reduces to a manageable size, and contextualizes the texts of the most important intellectual contributions.

This book provides edited selections of primary source material in the intellectual history of competition policy from Adam Smith to the present day. Chapters include classical theories of competition, the U.S. founding era, classicism and neoclassicism, progressivism, the New Deal, structuralism, the Chicago School, and post-Chicago theories. Although the focus is largely on Anglo-American sources, there is also a chapter on European Ordoliberalism, an influential school of thought in post-War Europe. Each chapter begins with a brief essay by one of the editors pulling together the important themes from the period under consideration.

Readership: Legal scholars, historians, economists, antitrust practitioners, college students, law students, economics students, policy-oriented scholars or practitioners.

Acknowledgments
Introduction
Chapter 1. Classical Theories
Adam Smith, The Wealth of Nations
David Ricardo, Principles of Political Economy and Taxation
John Stuart Mill, Principles of Political Economy
Chapter 2. Federalism, Antifederalism, and Jacksonianism
Max Farrand, Records of the Federal Convention of 1787
Agrippa, To the People
Alexander Hamilton, Contintentalist
Thomas Cooley, Limits to State Control of Private Business
Chapter 3. Classicism, Neoclassicism, and the Sherman Act
Alfred Marshall, Principles of Economics
Arthur Twining Hadley, Economics: An Account of the Relations Between Private Property and Public Welfare
Henry Rand Hatfield, The Chicago Trust Conference (of 1899)
Chapter 4. Progressivism and the 1912 Election
Theodore Roosevelt, The Trusts, the People, and the Square Deal
William Howard Taft, We Must Get Back to Competition
Woodrow Wilson, The Tariff and the Trusts
Chapter 5. Imperfect, Monopolistic, and Workable Competition
Edward Chamberlin, The Theory of Monopolistic Competition
Joan Robinson, The Economics of Imperfect Competition
John Maurice Clark, Toward a Concept of Workable Competition
Chapter 6. The New Deal and the Institutionalists
Adolf A. Berle and Gardiner C. Means, The Modern Corporation and Private Property
Louis Brandeis, The Curse of Bigness
Rexford Tugwell, The Industrial Discipline and the Governmental Arts
Thurman Arnold, The Bottlenecks of Business
Chapter 7. Antitrust After Populism
Richard Hofstadter, What Happened to the Antitrust Movement?
Chapter 8. Ordoliberalism and the Freiburg School
Franz Böhm, Walter Eucken & Hans Grossmann-Doerth, The Ordo Manifesto of 1936
Franz Böhm, Democracy and Economic Power
Chapter 9. Competition and Innovation
Joseph Schumpeter, Capitalism, Socialism and Democracy
Kenneth Arrow, Economic Welfare and the Allocation of Resources for Invention
Chapter 10. Structuralism
Joe Bain, Industrial Organization
Carl Kaysen and Donald Turner, Antitrust Policy: An Economic and Legal Analysis
The Neal Report (1967)
Chapter 11. The Chicago School
George Stigler, The Organization of Industry
Aaron Director and Edward Levi, Law the Future: Trade Regulation
Robert H. Bork, The Antitrust Paradox
Richard A. Posner, The Chicago School of Antitrust Analysis
Chapter 12. Transactions Costs Economics and the Post-Chicago Movement
Oliver Williamson, Markets and Hierarchies: Analysis and Antitrust Implications
F.M. Scherer, Conservative Economics and Antitrust: A Variety of Influences
Herbert Hovenkamp, Post-Chicago Antitrust: A Review and Critique

Edited by Daniel A. Crane, Professor of Law, University of Michigan, and Herbert Hovenkamp, Ben V. & Dorothy Willie Professor of Law, University of Iowa

Daniel A. Crane is Professor of Law at the University of Michigan Law School, where he teaches contracts, antitrust, and legislation and regulation. He was formerly Professor of Law at the Benjamin N. Cardozo School of Law, Visiting Professor at NYU and the University of Chicago, and a Fulbright Scholar at the Universidade Católica Portuguesa in Lisbon, Portugal. Herbert Hovenkamp is the Ben V. & Dorothy Willie Professor of Law at the University of Iowa. He is a fellow of the American Academy of Arts and Sciences and recipient of the Justice Department's John Sherman Award. He teaches antitrust, innovation and competition policy, torts, and American legal history.

"Confronting America's historic reconstruction during the Great Depression and World War II, antitrust innovator Thurman Arnold declared that antitrust, as 'a symbol of our traditional ideals' made change 'less painful.' Daniel Crane's and Herbert Hovenkamp's collection of economic theories and commentary demonstrates that competition policy was as old as the nation and as current as global financial collapse. From Adam Smith, through economic ideas underlying the 1890 Sherman Act, down to the contest between Chicago and post-Chicago theories, competition policy influenced American opportunity. Anyone interested in Americans' persistent search for economic innovation and justice will benefit from this illuminating collection."--Tony A. Freyer, University Research Professor of History and Law, The University of Alabama

"In this collection, Daniel Crane and Herbert Hovenkamp provide scholars, students, and practitioners with an invaluable introduction to the primary texts of the American antitrust tradition and its progenitors, combining judicious and accessible selections from the texts of each era with perceptive and informed explanatory context. Presenting this succession of ideas of economists, lawyers, and politicians over two centuries sheds light not only on the history of antitrust economics and ideologies, but also on the persistent influences that shape modern antitrust law and policy."-- William H. Page, Marshall M. Criser Eminent Scholar, University of Florida Levin College of Law

"All students of economic history and competition policy should read this thorough intellectual history of competition in the United States. From the classical theories, to the progressive era through the New Deal, to the post-Chicago movement, this new book is a tour de force that presents the intellectual history of competition policy better than any previous publication. They balance the rich historical perspectives, intellectual insights, and economic and political philosophies underlying the debates that have shaped important public policy around antitrust for over 230 years."--E. Thomas Sullivan, President, University of Vermont

"This excellent volume assembles for the first time the writings that comprise the core developments in the intellectual history of antitrust law. Even experienced scholars will discover new things in the pages of this book, in which the editors have thoughtfully tied a variety of political and economic movements to modern competition policy. This work is essential reading for anyone interested in antitrust law."-- Howard Shelanski, Federal Trade Commission and Georgetown University