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The Late Emerging Consensus Among American Economists on Antitrust Laws in the Second New Deal (1935-1941)

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Date
2020
Publisher city
Montréal
Collection title
CIRANO - Cahiers scientifiques
Collection Id
Cahiers Scientifiques du CIRANO, 2020s-46
Link to item file
https://cirano.qc.ca/fr/sommaires/2020s-46
Dewey
Sociologie économique
Sujet
Antitrust; Efficiency; Economic Power; Institutional Economics; Chicago School
JEL code
N.N4.N42; L.L4.L40; K.K2.K21; B.B2.B25
URI
https://basepub.dauphine.fr/handle/123456789/21249
Collections
  • IRISSO : Publications
Metadata
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Author
Kirat, Thierry
1008489 Institut de Recherche Interdisciplinaire en Sciences Sociales [IRISSO]
Marty, Frédéric
37218 Centre interuniversitaire de recherche en analyse des organisations [CIRANO]
Type
Document de travail / Working paper
Item number of pages
1-38
Abstract (EN)
This paper presents the late convergence process from US economists that led them to support a strong antitrust enforcement in the late thirties despite their long standing distrust toward this legislation. The 1945 Alcoa decision crafted by Judge Hand embodied the results of this convergence. The purpose of antitrust law enforcement does not consist in promoting economic efficiency, as today’s more economic approach advocates, but in searching for a reasonable compromise aiming at preventing improper uses of economic power. This paper presents the path from which institutionalist economists, on one side, and Chicagoan neoliberals, on the other one, have converged on supporting the President F.D. Roosevelt administration towards reinvigorating antitrust law enforcement as of 1938, putting aside their initial preferences for a regulated competition model or for laissez-faire

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