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The Historic Failure of the Chicago School of Antitrust Mark Glick
Antitrust and Economic History: The Historic Failure of the Chicago School of Antitrust Mark Glick1 Working Paper No. 95 May 2019 ABSTRACT This paper presents an historical analysis of the antitrust laws. Its central contention is that the history of antitrust can only be understood in light of U.S. economic history and the succession of dominant economic policy regimes that punctuated that history. The antitrust laws and a subset of other related policies have historically focused on the negative consequences resulting from the rise, expansion, and dominance of big business. Antitrust specifically uses competition as its tool to address these problems. The paper traces the evolution of the emergence, growth and expansion of big business over six economic eras: the Gilded Age, the Progressive Era, the New Deal, the post-World War II Era, the 1970s, and the era of neoliberalism. It considers three policy regimes: laissez-faire during the Gilded Age and the Progressive Era, the New Deal, policy regime from the Depression through the early 1970s, and the neoliberal policy regime that dominates today and includes the Chicago School of antitrust. The principal conclusion of the paper is that the activist antitrust policies associated with the New Deal that existed from the late 1 Professor, Department of Economics, University of Utah. Email: [email protected]. I would like to thank members of the University of Utah Competition Group, Catherine Ruetschlin, Marshall Steinbaum, and Ted Tatos for their help and input. I also benefited from suggestions and guidance from Gérard Duménil’s 2019 seminar on economic history at the University of Utah. -
Congressional Record-House
1903. .CONGRESSIONAL RECORD-HOUSE. 531 MESSEN<1ER OF COMMITTEE ON EDUCATION AND LABOR. vention between the United States and the Republic of Cuba, Mr. McCOMAS submitted the following resolution; which was signed on the 11th day of December, in the year 1902. refen-ed to the Committee to Audit and Control the Contingent Mr. CULLOM. If there is any Senator desiring to speak on Expenses of the Senate: the bill to-day, it is in order now to do so. Resolved, That the Committee on Education and Labor be, and is hereby, The PRESIDENT pro tempore. The Chair will be glad to authorized to employ a. messenger at an annual salary at the rate of $1,«0, to recognize any Senator for that purpose. be paid from the contingent fund of the Senate until otherwise provided for Mr. CULLOM. If no Senator desires to speak, I move that the by law. Senate adjourn. .ASSISTANT CLERK TO COMMITTEE ON PUBLIC LANDS. The motion was agreed to; and (at 12 o'clock and 20 minutes Mr. HANSBROUGH submitted the following resolution; which p.m.) the Senate adjourned until Monday, December 7, 1903, at was refened to the Committee to Audit and Control the Contin 11 o'clock and 30 minutes a. m. gent Expenses of the Senate: Resol~Jed, That the salary of the assistant clerk to the Committee on Pub lic Lands, authorized by resolution of February 24, 1903, at $1,000 per annum, be, and it hereby is, increased to $1,800 per annum, to take effect January HOUSE OF REPRESENTATIVES. -
John W. Foster, Soldier and Politician by DANIELW
John W. Foster, Soldier and Politician By DANIELW. SNEPP Indiana’s sons have occupied a number of important gov- ernmental offices in Washington and diplomatic posts abroad. No Hoosier, however, has served his country longer or more faithfully than John Watson Foster. His public life spans a half century of diplomatic conflict in which the United States rose to the undisputed position of a world power. In the pres- ent generation, few, except students of diplomatic history and international law, have heard the name of John W. Foster or read his scholarly works on diplomacy and world peace. No published biography has yet recorded his achievements and no monument has been raised to perpetuate his memory. Nevertheless this obscure man was regarded by Ambassador James Bryce as “the most distinguished diplomat of our time,” and by Secretary of State Frelinghuysen as the most valuable man in foreign service in his day. Mr. Foster represented the United States upon more different missions of first rank than any other person, and was accordingly called by Chauncey M. DePew, “the handy-man of the State Department.” Andrew Johnson excepted, Foster served in one capacity or another under every president from Abraham Lincoln to Theodore Roosevelt. Diplomacy was to Foster not merely a calling, it was a profession. This article, however, is concerned only with that part of his life spent in Indiana. Foster’s English ancestry may be traced to the hardy tradespeople on his mother’s side and to the staunch yeoman class on his father’s side. The strain of the depression which followed on the heels of the Napoleonic Wars in England, fell most severely upon the middle class, great numbers of whom migrated to America. -
George Edmunds of Vermont: Republican Half-Breed
As much as any U. S. Senator of the post-Civil War genera tion, George F. Edmunds represents the character, ideas, and influence of a particular wing of the Republican Party.... George Edmunds of Vermont: Republican Half-Breed By RICHARD E. WELCH, JR. AMONG the major New England politicians of the post-Civil War J-\. generation, one of the more elusive is George F. Edmunds of Vermont. A United States senator torm 1866 to 1891, he was recognized by leaders of both parties as one of the hardest workers iri the senate and perhaps its ablest constitutional lawyer. After his retirement from politics, he was a highly successful corporation lawyer, a prominent spokesman for the Anti-Imperialist movement of 1898-1900, and a family monarch until his death in 1919 at the age of ninety-one. His was a full and an active life, but it has received little attention from historians. There exists no biography of Edmunds, nor even a biographi cal notice later than the publication of the Dictionary of American Biography in 1931. He has faded into the shadow-land reserved for the footnote figures of American history. One reason for this is the absence of a collection of "Edmunds Papers." There is a strong correlation between the size of a man's documentary legacy and the fascination he holds for historians. Ed munds left orders that all his personal papers be burned upon his death, and they were. There are, of course, other possible reasons for Edmunds' neglect by the historical profession. The biographer who seeks a colorful subject would not find Edmunds attractive. -
Congressio-Nal ·Record
CONGRESSIO-NAL ·RECORD. PROCEEDINGS AND DEBATES OF THE FIFTY-EIGHTH CONGRESS. T_HIRD. SESSION. SENATE. Idaho-Weldon B. Heyburn. I Illinois-Shelby M. Cullom and Albert J. Hopkins. MoNDAY, December 5, 1904. Indiana-Albert J. Beveridge and Charles W. Fairbanks. The first Monday·of December being the day prescribed by the Iowa-William B: Allison and Jonathan P. Dolliver. Kansas-Joseph R. Burton and Ches~r I. Long. Constitution of the United States for the annual meeting of Con Kentucky-Joseph C. S. Blackburn, and James B. McCreary. gress, the third session of the Fifty-eighth Congress commenced Louisiana-Murphy J. Foster and Samuel D. McEnery. ili~~~ . Maine-William P. Frye and Eugene Hale. The Senate assembled in its Chamber at the Capitol. Maryland-Arthur P. Gorman and Louis E. McComas. The PRESIDENT pr.o tempore (Mr. \VILLIAM P. FRYE, a Sen Massachusett.s-Henry Cabot Lodge. ntor from the State of Maine) called the Senate to order at 12 Michigan-Russell A. Alger and Julius C. Burrows. o'clock noon. Minnesota-Knute Nelson. PRAYER. Mississippi- The Chaplain, Rev. Enw ARD EVERETT HALE, offered the follow Missouri-Francis M. Cockrell and William J. Stone. ing prayer: Montana--William A. Clark. Thou shalt love the Lord thy God with all thy heart, and with Nebraslca-Cbarles H. Dietrich and Joseph H. Millard. all thy soul, and with all thy mind, and with all thy strength. Nevada-Francis G. Newlands and William M. Stewart. This is the first and greatest commandment, and the second is New Hampshire-Henry E. Burnham and Jacob H. -
Presidential Handwriting, 1/5/1977 (1)” of the Presidential Handwriting File at the Gerald R
The original documents are located in Box C54, folder “Presidential Handwriting, 1/5/1977 (1)” of the Presidential Handwriting File at the Gerald R. Ford Presidential Library. Copyright Notice The copyright law of the United States (Title 17, United States Code) governs the making of photocopies or other reproductions of copyrighted material. Gerald Ford donated to the United States of America his copyrights in all of his unpublished writings in National Archives collections. Works prepared by U.S. Government employees as part of their official duties are in the public domain. The copyrights to materials written by other individuals or organizations are presumed to remain with them. If you think any of the information displayed in the PDF is subject to a valid copyright claim, please contact the Gerald R. Ford Presidential Library. Digitized from Box C54 of The Presidential Handwriting File at the Gerald R. Ford Presidential Library THE WHITE HOUSE WASHINGTON , MEDAL OF FREEDOM CANDIDATES Art & Architecture v Alexander Calder* '~Georgia O'Keefe* Norman Rockwell Athletics v"Joe DiMaggio Business J. Willard Marriott, Sr. Scholarship & Education ~orman E. Borlaug vwill and Ariel Durant v Bruce Catton Science & Engineering v/John Bar de en* /James D. Watson Theology & Religion Spencer Kimball Communications Lowell Thomas* Vermont C. Royster Labor 'v I. w. Abel Law v Judge Henry Friendly Erwin N. Griswold Literature /Archibald MacLeish* '<James Michener* II National Security / \ .· Arleigh Burke Y/Omar Nelson Bradley * Wilber M. Brucker Performing Arts \_./Irving Berlin ~ing Crosby (Harry Lillis) v Arthur Fiedler* Mrs. Jouett Shouse Public Service George S. Aiken Mike Mansfield John Sherman Cooper Henry Cabot Lodge George Pratt Shultz* Medicine Rene Dubos Jonas Salk Albert Sabin *Denotes candidates who drew heavy support from within the White House staff . -
Mckinley Revised
THE PRESIDENT FROM CANTON by Grant Segall Greeting the nation from his front porch in Canton, nursing his frail wife, sporting scarlet carnations from a foe, soft-peddling his views, the dapper little William McKinley seemed like the quintessential Victorian. The impression deepened when assassin Leon Czolgosz from Cleveland froze him in time and Teddy Roosevelt rough-rode into the Progressive era. But McKinley launched what became known as the American Century. He helped make a former colony a colonizer and the world’s biggest manufacturer. He planned the Panama Canal and the Open Door policy toward China. He promoted labor rights, mediation and arbitration. He created the White House’s war room, press briefings and press receptions. He also started a century-long rise in presidential power. Future President Woodrow Wilson wrote in 1900, “The president of the United States is now, as of course, at the front of affairs, as no president, except Lincoln, has been since the first quarter of the 19th century.” McKinley broadened a Republican base that mostly dominated until 1932. While he quaintly campaigned from his porch, innovative backers paid the way of an estimated 750,000 visitors from around the country. They also used early polls and movies. Historian Allan Peskin of Cleveland State University once told The Plain Dealer, “McKinley was the first modern president.” Biographer Kevin Phillips wrote, “The Progressive era is said to begin with Teddy Roosevelt, when in fact McKinley put in place the political organization, the antimachine spirit, the critical party realignment, the cadre of skilled GOP statesmen..., the firm commitment to popular and economic democracy and the leadership needed.” 1 Supporters called him the Idol of Ohio. -
Lincoln Day Dinner Speech, Louisville, KY, February 8, 1969” of the Ford Congressional Papers: Press Secretary and Speech File at the Gerald R
The original documents are located in Box D26, folder “Lincoln Day Dinner Speech, Louisville, KY, February 8, 1969” of the Ford Congressional Papers: Press Secretary and Speech File at the Gerald R. Ford Presidential Library. Copyright Notice The copyright law of the United States (Title 17, United States Code) governs the making of photocopies or other reproductions of copyrighted material. The Council donated to the United States of America his copyrights in all of his unpublished writings in National Archives collections. Works prepared by U.S. Government employees as part of their official duties are in the public domain. The copyrights to materials written by other individuals or organizations are presumed to remain with them. If you think any of the information displayed in the PDF is subject to a valid copyright claim, please contact the Gerald R. Ford Presidential Library. Digitized from Box D26 of the Ford Congressional Papers: Press Secretary and Speech File at the Gerald R. Ford Presidential Library 000 EVENING. WHAT A THRILL IT SPEAKING TO YOU IN THIS GREAT FORUMJ YOUR SPLENDID FREEDOM HALL. YOU KNOW1 I FEEL RATHER AT HOME HERE BECAUSE I HAVE SEEN THIS TREMENDOUS o?.-ACE ON TELEVISION S.2~Y~S. I LET ~ MY SONS DO THE~NG ~9W BUT l AM STILL VERY MUcH~~~-~ iH7vf··wttHED YOUR UNIVERSITY OF LOUISVILLE BASKETBALL TEAMS ON "THE TUBE " AS WE SA Y AND ALSO THE 1 1 CHAMPIONSHIP BASKETBALL GAMES THAT HAVE BEEN PLAYED IN THIS ARENA. -~~ IT IS WONDERFUL TO BE IN THE ~; E GRASS COUNTRY" -- THE LAND OF DANIEL BOONE, ABE LINCOLN 2 JOHN SHER~AN COOPER, THRUSTON:MORTo~jiMARLOW COO~~~OUIE N~N~ - BI LL COWGER_, G~NE SNYDr;_R J AND /T 1.M CARTER. -
Congressio-Nal ·Record
CONGRESSIO-NAL ·RECORD. PROCEEDINGS AND DEBATES OF THE FIFTY-EIGHTH CONGRESS. T_HIRD. SESSION. SENATE. Idaho-Weldon B. Heyburn. I Illinois-Shelby M. Cullom and Albert J. Hopkins. MoNDAY, December 5, 1904. Indiana-Albert J. Beveridge and Charles W. Fairbanks. The first Monday·of December being the day prescribed by the Iowa-William B: Allison and Jonathan P. Dolliver. Kansas-Joseph R. Burton and Ches~r I. Long. Constitution of the United States for the annual meeting of Con Kentucky-Joseph C. S. Blackburn, and James B. McCreary. gress, the third session of the Fifty-eighth Congress commenced Louisiana-Murphy J. Foster and Samuel D. McEnery. ili~~~ . Maine-William P. Frye and Eugene Hale. The Senate assembled in its Chamber at the Capitol. Maryland-Arthur P. Gorman and Louis E. McComas. The PRESIDENT pr.o tempore (Mr. \VILLIAM P. FRYE, a Sen Massachusett.s-Henry Cabot Lodge. ntor from the State of Maine) called the Senate to order at 12 Michigan-Russell A. Alger and Julius C. Burrows. o'clock noon. Minnesota-Knute Nelson. PRAYER. Mississippi- The Chaplain, Rev. Enw ARD EVERETT HALE, offered the follow Missouri-Francis M. Cockrell and William J. Stone. ing prayer: Montana--William A. Clark. Thou shalt love the Lord thy God with all thy heart, and with Nebraslca-Cbarles H. Dietrich and Joseph H. Millard. all thy soul, and with all thy mind, and with all thy strength. Nevada-Francis G. Newlands and William M. Stewart. This is the first and greatest commandment, and the second is New Hampshire-Henry E. Burnham and Jacob H. -
1896. Congressional Rec9rd-House. 11
1896. CONGRESSIONAL REC9RD-HOUSE. 11 Another topic in 'Yhich our_people rightfully take a deep inter HOUSE OF REP~ESENTATIVES. est may be here br1efly considered. I refer to the existence of trusts and other huge aggregations of capital, the object of which MONDAY, ·Decembe1· 7, 1896. · ~s to secure the monopoly of some particular branch of trade }ndustry, or commerce and to stifle wholesome competition. Whe~ T~s being the day fixed by the Constitution for the annual .'Fh.ese are def~nded it is usually on ~he ground that though they meetmg of Congress, the H~use of. Representatiyes of the Fifty mcr~ase profits they also reduce pnces and thus may benefit the fourth Congress assembled m therr Hall for therr second session public. It must be remembered, however, that a reduction of at 12 o'clock m. · prices to th.e peol?le is not one of the real objects of these organiza- The SPEAKER (Ron. THOMAS B. REED, a Representative tions, nor IS theu tendency necessarily in that direction. If it from the State of ~faine) called the House to order. · .occurs in a particular case it is only because it accords with the The _Chaplain of the House, Rev. H. N. CounEN, offered the purposes or interests of those managing the scheme. follo~ng prayer: ' · - Such occasional results fall far shortof compensatingthepalpa- ~lmighty God, our heavenly Father, we approach Theein the ble evils ~barged to the ~c<:m?-t of ~nsts ana monopolies. Their attitude of prayer and devotion because ~e believe in Thee as not tendency IS to crush out mdiVIdual mdependence and to hinder or only_ the creator an~ upholder of all thmgs but that Thou dost .prevent the free use of human faculties and the f ull development presideover the destiny of men and of nations. -
Congressional Record.
CONGRESSIONAL RECORD. , PROCEEDINGS AND DEBATES OF THE FIFTY-FIFTH CONGRESS. ' SECOND SESSION. SENATE. Kansas-Lucien Baker and William A. Harris. Kentucky-William J. Deboe. :MoNDAY, Decembm· 8, 1897. Louisiana-Donelson Caffery and Samuel Douglas McEnery. Maine-William P. Frye and Eugene Hale. The first Monday of Decemb~ being the day prescribed by the .Maryland-Arthur P. Gorman and George L. Wellington. Constitution of the United States for the annual meeting of Con Massachusetts-George F. Hoar and Henry Cabot Lodge. gress, the second session of the Fifty-fifth Congress commenced M icltigar~r-J ulius C. Burrows and James McMillan. this day. .Minnesota-Cushman K. Davis and KnuteNelson. The Senate assembled in its Chamber at the Capitol. lllississippi-Edward C. Walthall. The VICE-PRESIDENT of the United States (Hon. GARRET A. Missouri-Francis M. Cockrell and George G. Vest. HoBART, of the State of New Jersey) called the Senate to order at Montana-Thomas H. Carter. 12 o'clock meridian. Nebraska-William V. Allen and John M. Thurston. PRAYER. Nevada-William M. Stewart. Rev. W. H. MILBURN, D. D., Chaplain to the Senate, offered New Hampshire-William E. Chaniller and Jacob H. Gallinger. the following prayer: New Jersey-William J. Sewell and James Smith, jr. 0 Eternal God, while the heart of the nation bows reverently New York-Edward .Murphy, jr., and Thomas C. Platt. by the bedside of the venerable woman whose pulse beats fain_tly No1·th Ca1·olina-Marion Butler and Jeter C. Pritchard. in life's last agony and turns from that hallowed scene to the filial North Dakota-Henry U. -
H. Doc. 108-222
FIFTY-FIFTH CONGRESS MARCH 4, 1897, TO MARCH 3, 1899 FIRST SESSION—March 15, 1897, to July 24, 1897 SECOND SESSION—December 6, 1897, to July 8, 1898 THIRD SESSION—December 5, 1898, to March 3, 1899 SPECIAL SESSION OF THE SENATE—March 4, 1897, to March 10, 1897 VICE PRESIDENT OF THE UNITED STATES—GARRET A. HOBART, of New Jersey PRESIDENT PRO TEMPORE OF THE SENATE—WILLIAM P. FRYE, of Maine SECRETARY OF THE SENATE—WILLIAM R. COX, of North Carolina SERGEANT AT ARMS OF THE SENATE—RICHARD J. BRIGHT, of Indiana SPEAKER OF THE HOUSE OF REPRESENTATIVES—THOMAS B. REED, 1 of Maine CLERK OF THE HOUSE—ALEXANDER MCDOWELL, 2 of Pennsylvania SERGEANT AT ARMS OF THE HOUSE—BENJAMIN F. RUSSELL, of Missouri DOORKEEPER OF THE HOUSE—WILLIAM J. GLENN, of New York POSTMASTER OF THE HOUSE—J. C. MCELROY ALABAMA Thomas C. McRae, Prescott CONNECTICUT William L. Terry, Little Rock SENATORS SENATORS Hugh A. Dinsmore, Fayetteville John T. Morgan, Selma Stephen Brundidge, Searcy Orville H. Platt, Meriden Edmund W. Pettus, Selma Joseph R. Hawley, Hartford REPRESENTATIVES CALIFORNIA REPRESENTATIVES George W. Taylor, Demopolis SENATORS E. Stevens Henry, Rockville Jesse F. Stallings, 3 Greenville Stephen M. White, Los Angeles Nehemiah D. Sperry, New Haven Henry D. Clayton, 4 Eufaula George C. Perkins, Oakland Charles A. Russell, Killingly 5 T. S. Plowman, Talladega REPRESENTATIVES Ebenezer J. Hill, Norwalk 6 William F. Aldrich, Aldrich John A. Barham, Santa Rosa Willis Brewer, Hayneville Marion De Vries, Stockton DELAWARE John H. Bankhead, Fayette Samuel G. Hilborn, Oakland SENATORS Milford W. Howard, Fort Payne James G.