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Antitrust and Monopoly: Anatomy of a Policy Failure (Independent Studies in Political Economy) Paperback – January 1, 1996
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"Should be on the reading list of every antitrust course. Clearly stated, rigorously developed . . . for professors as well as students." -- Donald Dewey, professor of economics, Columbia University
"Skillfully honed, eloquent . . . Professor Armentanos book must be mastered by all who would be heard on this issue." -- Business History Review
"The . . . best book-length treatment of this issue . . . should become a, if not the standard in economics, history, and political science." -- Public Choice
"Written in a very clear, concise, and declarative manner, which makes it accessible to students as well as interested professionals." -- Antitrust Bulletin
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Top Customer Reviews
However, my criticism of the enjoyability of the book does not extend to the value of the author's scholarship. Armentano makes a compelling case that anti-trust laws are arbitrary, are unjust, do not lead their intended results and *never* were moral or practical. The last point is especially important since many anti-trust critics still concede that it was worth busting trusts such as Standard Oil back in the day. In addition to moral and economics arguments, Armentano presents a extensive history of anti-trust cases as he analyzes over 30 cases up until the time of this books publication (late 1970s).
For the reasons stated above, I recommend this book as a reference but I do not recommend it for recreational reading for laymen.
A summary of its contents may be helpful to prospective buyers: Its first fifty pages are concerned with theory, first discussing the rationale, legality and legitimacy of antitrust policy; then presenting and critiquing neoclassical competition theory, offering alternative theories, based in Austrian economics, in the process. The next 220 pages (including endnotes) are taken up with studies of more than 35 classic antitrust cases, organized into six topical chapters: monopoly under the Sherman Act; monopoly in busines history; price conspiracy and antitrust law; price discrimination and the competitive process; tying agreements and public policy; mergers, competition and antitrust policy. In each chapter, subsections explain the theory behind the analysis that follows and restate the chapter's conclusions at the end. The last chapter (ten pages) reviews the book's major findings, critiques both antitrust's enthusiasts and conventional critics and arrives at a radical conclusion from its examination of theory and history: "Nothing less than an extreme opposition in principle to all antitrust laws appears justified by the facts." An appendix (three pages) excerpts relevant sections of the Sherman Act, the Clayton Act and the Federal Trade Commission Act.Read more ›
Most Recent Customer Reviews
Government privilege is the soul author the damaging practice of monopoly. Private monopolies are formed temporarily from cutting prices and improving service. Read morePublished 13 months ago by Lee Robinson
At the time this 2nd edition was published in 1990, Dominick Armentano was a professor of economics at the University of Hartford. Read morePublished on August 13, 2012 by Steven H Propp