By Richard A. Epstein
For over 100 years, the antitrust consent decree has been an enormous weapon within the federal enforcement of antitrust legislation. In Antitrust Consent Decrees in concept and Practice, Richard A. Epstein undertakes the 1st systematic learn in their use and effectiveness from either a old and analytical perspective.
Epstein observes how adjustments in antitrust philosophy can form the categories of complete settlements that the govt will search and the courts will provide. Epstein takes factor with competitive antitrust enforcement suggestions that search to take advantage of govt energy to essentially regulate buildings or the company practices of regulated corporations, in a few cases resulting in their breakup. to provide an explanation for the perils of that technique, Epstein rigorously examines the historical past of consent decree litigation, culminating in precise reports of the AT&T breakup and the govt. antitrust activities opposed to Microsoft.
Applying glossy theories of antitrust research, Epstein's critical thesis is that daring antitrust treatments that aren't tightly tied to a defensible concept of wrongful behavior frequently end up counterproductive. Such measures more often than not strength enterprises to undertake enterprise practices and structural reorganizations that considerably bog down their skill to compete successfully available on the market. The disparate fates of AT&T and Microsoft are the results of an immense and fruitful shift in puzzling over the use and bounds at the antitrust legislation in a large choice of business contexts.
Antitrust Consent Decrees in concept and Practice might be of curiosity to any reader who's excited about the bigger implications of the govt. legislation of legislations and enterprise. Epstein brings approximately 40 years of non-public wisdom and event to this subject. Written in a transparent and nontechnical sort, this e-book may still turn out a useful source to any pupil of legislation and financial coverage, in addition to attorneys and policymakers considering antitrust litigation.
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Extra resources for Antitrust Consent Decrees in Theory and Practice: Why Less Is More
But that does not answer the further question of what kind of licenses should be allowed. 31 The consent decrees that have been in place in this industry since 1941 are a fair measure of the level of complexity in this area. The evolution of these transactions does not show the same downward spiral observed in Swift, but it remains highly doubtful that the Byzantine course of this litigation was in the end worth the candle, given the difficult judgment calls that had to be made countless times along the way.
On the horizontal side, Alcoa agreed to divest itself of its Canadian subsidiary and to refrain from mergers or other collusive agreements, leaving it the possibility of expansion only through internal growth. On the vertical side, Alcoa agreed to stipulations that affected both its upstream and downstream operations. Upstream, it terminated long-term supply contracts with the chemical companies from 20 ANTITRUST CONSENT DECREES IN THEORY AND PRACTICE which it had acquired bauxite. Downstream, it agreed not to withhold its ingot from any company that fabricated end-products in competition with the firm.
Not really. ”27 The most obvious way to read the quoted words is that the United States should be held to its part of the bargain as well. In part, it obtained the quick consent decree because it agreed that it should not receive res judicata effect. The only inference one could draw is that the “grievous wrong” standard, however relevant in other cases, should not override the explicit terms of the agreement. Exactly what standard it does require is left to the imagination. But none of those differences matters here in the face of the exhaustive finding of facts found at the trial level.
Antitrust Consent Decrees in Theory and Practice: Why Less Is More by Richard A. Epstein