What do you think?
Rate this book
Antitrust and Monopoly: Anatomy of a Policy Failure
An indictment of antitrust policy, illustrating that the laws have not been employed against monopolies, but have been used to restrain and restrict the competitive process.
310 pages, Paperback
First published February 1, 1982
6 people are currently reading
203 people want to read
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 6 of 6 reviews
February 9, 2016
This isn't the easiest read, but if you can force yourself through some of the dense parts, it's very informative and you will learn a lot about monopolies, anti-trust laws, and historical lawsuits. It can be dry, but it's well worth reading.
February 9, 2021
An excellent critique of antitrust policy and its theoretical bases/assumptions.
July 25, 2013
Interesting Quote:
"Pollution...is a nonvoluntary exchange that, like theft, violates the fundamental assumption of the market economy; that is, the sanctity of property rights. It is a market "intervention" in exactly the same respect as...other interventions...: It tends to promote the interests of some at the expense of others. Unfortunately, the present environmental regulations are not based on property rights."
-Dominick Armentano, Antitrust and Monopoly
"While...the exclusive supply contracts lower costs and benefits the industry and the public, [the court] finds that they restrain trade. But how do they restrain trade?...Because...they lower costs and benefit the industry and the public...economic benefits are not just irrelevent...they are positively damaging to the defendant since...the contracts would not have existed but for their benefits."
-Dominick Armentano, Antitrust and Monopoly
"Pollution...is a nonvoluntary exchange that, like theft, violates the fundamental assumption of the market economy; that is, the sanctity of property rights. It is a market "intervention" in exactly the same respect as...other interventions...: It tends to promote the interests of some at the expense of others. Unfortunately, the present environmental regulations are not based on property rights."
-Dominick Armentano, Antitrust and Monopoly
"While...the exclusive supply contracts lower costs and benefits the industry and the public, [the court] finds that they restrain trade. But how do they restrain trade?...Because...they lower costs and benefit the industry and the public...economic benefits are not just irrelevent...they are positively damaging to the defendant since...the contracts would not have existed but for their benefits."
-Dominick Armentano, Antitrust and Monopoly
July 25, 2024
A COMPLEX AND DETAILED CRITIQUE OF ANTITRUST POLICY
At the time this 2nd edition was published in 1990, Dominick Armentano was a professor of economics at the University of Hartford. He has also written 'Antitrust: The Case for Repeal' and 'The Myths of Antitrust: Economic Theory and Legal Cases.' He wrote in the Preface, "My trenchant opposition ... to traditional antitrust policy, has not mellowed over the years. I have become even more convinced that the theory and practice of antitrust is fundamentally flawed, and that all of the antitrust laws ought to be promptly repealed."
He argues that Ida Tarbell's famous 'The History of the Standard Oil Company' has "been laid theoretically and empirically prostrate." (Pg. 63) He later suggests that "While the pricing philosophy of the U.S. Steel Corporation may have encouraged price stability in the industry... there is little reason to conclude that any steel prices were 'fixed'..." (Pg. 100) He suggests, "since firms don't trust one another in open competition, it is difficult to understand why they would suddenly trust one another during periods of collusion." (Pg. 136)
Concerning electrical equipment manufacturers in the 1950s, he concedes, "If an agreement to fix prices constitutes illegal price-fixing, then the electrical manufacturers were certainly guilty of price-fixing... (and) these meetings were a clear violation of the Sherman Antitrust Act. But ... the important questions are ... economic. Did the conspiracy, in fact, 'raise, fix and maintain' unreasonable prices...?" (Pg. 148)
He concludes that the antitrust system has worked "to lessen business competition and lessen the efficiency and productivity associated with the free-market process..." (Pg. 271) He argues that "The sole source of monopoly power ... is the state... that has been employed by private firms to private advantage and to the detriment of society." (Pg. 277-278)
This book will be of considerable interest to conservative and other free market supporters looking for a detailed examination of these topics.
At the time this 2nd edition was published in 1990, Dominick Armentano was a professor of economics at the University of Hartford. He has also written 'Antitrust: The Case for Repeal' and 'The Myths of Antitrust: Economic Theory and Legal Cases.' He wrote in the Preface, "My trenchant opposition ... to traditional antitrust policy, has not mellowed over the years. I have become even more convinced that the theory and practice of antitrust is fundamentally flawed, and that all of the antitrust laws ought to be promptly repealed."
He argues that Ida Tarbell's famous 'The History of the Standard Oil Company' has "been laid theoretically and empirically prostrate." (Pg. 63) He later suggests that "While the pricing philosophy of the U.S. Steel Corporation may have encouraged price stability in the industry... there is little reason to conclude that any steel prices were 'fixed'..." (Pg. 100) He suggests, "since firms don't trust one another in open competition, it is difficult to understand why they would suddenly trust one another during periods of collusion." (Pg. 136)
Concerning electrical equipment manufacturers in the 1950s, he concedes, "If an agreement to fix prices constitutes illegal price-fixing, then the electrical manufacturers were certainly guilty of price-fixing... (and) these meetings were a clear violation of the Sherman Antitrust Act. But ... the important questions are ... economic. Did the conspiracy, in fact, 'raise, fix and maintain' unreasonable prices...?" (Pg. 148)
He concludes that the antitrust system has worked "to lessen business competition and lessen the efficiency and productivity associated with the free-market process..." (Pg. 271) He argues that "The sole source of monopoly power ... is the state... that has been employed by private firms to private advantage and to the detriment of society." (Pg. 277-278)
This book will be of considerable interest to conservative and other free market supporters looking for a detailed examination of these topics.
March 15, 2025
Incredibly enlightening and well-written. I am a public library enthusiast and almost never buy books, but I just have to own a copy of this and will be buying one in the near future.
Read
September 23, 2010Antitrust and monopoly : anatomy of a policy failure by Dominick T. Armentano (1990)
Displaying 1 - 6 of 6 reviews