An introduction to the history of antitrust legislation

Congress in that was intended to strengthen previously enacted antitrust legislation known as the Clayton Antitrust Act of through the amendment of sections and addition of special provisions. History of antitrust legislation The original antitrust legislation in the United Statesthe Sherman Antitrust Act ofwas utilized heavily during the administrations of Theodore Roosevelt and William Howard Taft.

An introduction to the history of antitrust legislation

Zeno rescinded all previously granted exclusive rights. Under Henry III an act was passed in [17] to fix bread and ale prices in correspondence with grain prices laid down by the assizes. Penalties for breach included amercementspillory and tumbrel. On top of existing penalties, the statute stated that overcharging merchants must pay the injured party double the sum he received, an idea that has been replicated in punitive treble damages under US antitrust law.

Also under Edward III, the following statutory provision outlawed trade combination. In continental Europe, competition principles developed in lex mercatoria.

InHenry VIII of England reintroduced tariffs for foodstuffs, designed to stabilize prices, in the face of fluctuations in supply from overseas.

So the legislation read here that whereas, it is very hard and difficult to put certain prices to any such things The privileges conferred were not abolished until the Municipal Corporations Act Early competition law in Europe[ edit ] Judge Coke in the 17th century thought that general restraints on trade were unreasonable.

The English common law of restraint of trade is the direct predecessor to modern competition law later developed in the US. A dyer had given a bond not to exercise his trade in the same town as the plaintiff for six months but the plaintiff had promised nothing in return.

Europe around the 16th century was changing quickly. The new world had just been opened up, overseas trade and plunder was pouring wealth through the international economy and attitudes among businessmen were shifting.

An introduction to the history of antitrust legislation

In a system of Industrial Monopoly Licenses, similar to modern patents had been introduced into England. But by the reign of Queen Elizabeth Ithe system was reputedly much abused and used merely to preserve privileges, encouraging nothing new in the way of innovation or manufacture.

The statute followed the unanimous decision in Darcy v. The court found the grant void and that three characteristics of monopoly were 1 price increases, 2 quality decrease, 3 the tendency to reduce artificers to idleness and beggary.

This put an end to granted monopolies until King James I began to grant them again. In Parliament passed the Statute of Monopolieswhich for the most part excluded patent rights from its prohibitions, as well as guilds. Sandys it was decided that exclusive rights to trade only outside the realm were legitimate, on the grounds that only large and powerful concerns could trade in the conditions prevailing overseas.

At the same time industrialisation replaced the individual artisanor group of artisans, with paid labourers and machine-based production. Commercial success increasingly dependent on maximising production while minimising cost.

Therefore, the size of a company became increasingly important, and a number of European countries responded by enacting laws to regulate large companies which restricted trade. Following the French Revolution in the law of 14—17 June declared agreements by members of the same trade that fixed the price of an industry or labour as void, unconstitutional, and hostile to liberty.

Similarly the Austrian Penal Code of established that "agreements Austria passed a law in abolishing the penalties, though such agreements remained void.

However, in Germany laws clearly validated agreements between firms to raise prices. Throughout the 18th and 19th century, ideas that dominant private companies or legal monopolies could excessively restrict trade were further developed in Europe.

However, as in the late 19th century, a depression spread through Europe, known as the Panic ofideas of competition lost favour, and it was felt that companies had to co-operate by forming cartels to withstand huge pressures on prices and profits. The Act for the Prevention and Suppression of Combinations formed in restraint of Trade was passed one year before the United States enacted the most famous legal statute on competition law, the Sherman Act of It was named after Senator John Sherman who argued that the Act "does not announce a new principle of law, but applies old and well recognised principles of common law.

United States antitrust law Senatorial Round House by Thomas NastThe Sherman Act of attempted to outlaw the restriction of competition by large companies, who co-operated with rivals to fix outputs, prices and market shares, initially through pools and later through trusts.

Trusts first appeared in the US railroads, where the capital requirement of railroad construction precluded competitive services in then scarcely settled territories. This trust allowed railroads to discriminate on rates imposed and services provided to consumers and businesses and to destroy potential competitors.

Different trusts could be dominant in different industries.INTRODUCTION When we make antitrust arguments, we employ the rhetoric of com-petition.

We simply take for granted the received learning that competi- to the task of understanding antitrust history, for the rhetoric of competi-tion has confined our understanding of antitrust law in a second way as. This research guide is intended as a starting point for research in the area of U.S.

antitrust not comprehensive, it provides a listing of the most important, current, .

INTRODUCTION When we make antitrust arguments, we employ the rhetoric of com-petition. We simply take for granted the received learning that competi- to the task of understanding antitrust history, for the rhetoric of competi-tion has confined our understanding of antitrust law in a second way as.

FTC Fact Sheet: Antitrust Laws: A Brief History Today, the Federal Trade Commission’s (FTC’s) Bureau of Competition and the Department of Justice’s Antitrust Division enforce these three core federal antitrust laws. The agencies talk to each other before opening any investigation.

Introduction - Antitrust Law Research Guide - Guides at Georgetown Law Library

Antitrust Legislation. Source: The Oxford Companion to United States History Author(s): Tony A. Freyer. Opposition to concentrated corporate power occupies a noteworthy if ambiguous place in . Antitrust LegislationBIBLIOGRAPHY [1]Modern antitrust legislation may be said to have originated in the United States [2], with the Sherman Act of , although government efforts to regulate the market are as old as government itself.

Antitrust Legislation. - Oxford Reference