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This groundbreaking study is the first to apply an analytical model derived from the interest-group theory of regulation to the study of antitrust law and policy. The application of this model which stresses that government intervention in the economy will always benefit some political groups at the expense of others to the analysis of antitrust enables Shughart both to identify important trends in the antitrust arena and demonstrate which groups have benefited most from antitrust legislation. His analysis clearly shows that consumer welfare is often not enhanced by antitrust suits or legislation. Rather, well-organized private interest groups have tended to benefit more, even in cases where consumer welfare is the stated goal of legislation or policy.
Divided into three sections, the volume begins by discussing normative and positive theories of antitrust. The author provides an overview of the origins of antitrust law and policy and introduces the interest-group theory of government. The second section explores the various private interests that impinge on antitrust policy: the business community, the antitrust bureaucracy, Congress, the judiciary, and the antitrust bar. Finally, Shughart examines the political economy of antitrust. He shows how antitrust can be used to subvert competition and offers suggestions for reform in the realm of interest group politics. Students of economics and business, as well as professional economists, corporate lawyers, legislators, and business consultants, will find important new insights into the direction taken by antitrust policy during the last few decades.
List of contents
Foreword
Preface
Introduction
Normative and Positive Theories of AntitrustThe Origins and Critique of Antitrust
The Interest-Group Theory of Government
Private Interests at Work
Business Enterprise
The Antitrust Bureauracy
The Congress
The Judiciary
The Private Antitrust Bar
The Political Economy of Antitrust
Using Antitrust to Subvert Competition
Reform in the Realm of Interest-Group Politics
Select Bibliography
Index
About the author
WILLIAM F. SHUGHART II is Professor of Economics and holder of the P.M.B Self, William King Self, and Henry C. Self Chair in Free Enterprise at the University of Mississippi. He is a former special assistant to the director of the Federal Trade Commission's Bureau of Economics. He has published over 60 articles and book chapters in the areas of antitrust policy, industrial organization, and public choice. His most recent book is The Organization of Industry.
