The Antitrust Religion
Many successful American businesses have been accused of anti-competitive practices. Drawing on 50 years of experience with U. Rockefeller sheds light on why lawmakers, bureaucrats, academics, and journalists use arbitrary and irrational laws and enforcement mechanisms to punish capitalists rather than promote competition. The Antitrust Religion argues that everything most people know about antitrust is wrong.
The orthodox view is that antitrust was created to protect competition. But Rockefeller''s account is strikingly different.
He argues that antitrust in practice has often benefited, not the public, but specific businesses that wanted to take down their competitors. In cases ranging from early antitrust targets like Standard Oil to the more recent IBM and Microsoft cases, he reveals why some companies are punished for being winners in the market. Rockefeller vividly shows how antitrust has been transformed into a quasi-religious faith.
He explains that this antitrust religion relies on economic theories that bestow a veneer of objectivity and credibility on law enforcement practices that actually rely on hunch and whim. On issues such as mergers and price fixing, Rockefeller thoroughly examines arbitrary antitrust laws that lead to ill-informed juries and bureaucratic abuse.
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He concludes that those laws also create a perverse incentive for entrepreneurs to hold down sales volume and avoid improvements in price, quality, and service. Otherwise, such entrepreneurs could become the next targets of the antitrust priests.
The Antitrust Religion | Cato @ Liberty
The Antitrust Religion will greatly assist business professionals, journalists, policymakers, professors, judges, and all others interested in government regulation of business in understanding how our antitrust laws actually work. Customer Reviews of The Antitrust Religion. His father owned a gas station outside the metropolitan Los Angeles area , at which Delrahim worked part-time.
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After law school, Delrahim joined the Washington, D. After leaving the Department of Justice, Delrahim joined the law firm of Brownstein Hyatt Farber Schreck , in Los Angeles, California, where he focused his work on antitrust, intellectual property and appellate matters. His clients included Google , Apple , Anthem Inc.
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When interviewed, Delrahim emphasized that under U. District Judge Richard J. Leon rejected the government's claims and refused to block the merger. From Wikipedia, the free encyclopedia. Makan Delrahim. Ryan March 28, The National Law Journal. Retrieved April 18, The New York Times. Retrieved April 27, Department of Justice September 28, Retrieved December 31, Wall Street Journal.
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