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The "New Learning" and the Euthanasia of Antitrust

1986; UC Berkeley School of Law; Volume: 74; Issue: 5 Linguagem: Inglês

10.2307/3480453

1942-6542

Walter Adams, James W. Brock,

Economic Theory and Institutions

In the face of continuing declines in the international competitiveness of American firms, with the nation confronting a succession of record foreign trade deficits, and in an intellectual atmosphere crowded with calls for "industrial policy" on the one hand, and recrudescent economic Darwinism on the other, American antitrust is under renewed fire.Cast as an economic anachronism in the "new" age of global competition, it is attacked by critics all along the political spectrum-left and right, liberal and conservative, neoliberal and neoconservative.The critics' avowed motivation is to "modernize" the antimerger law so as to facilitate the restructuring of American industry.This, they believe, is imperative if the United States is to regain its erstwhile competitiveness in international markets.For example, Lester C. Thurow, a self-styled neoliberal, recommends that America abolish its antitrust laws."The time has come," he says, "to recognize that the techniques of the 19th century are not applicable in getting ready for the 21st.An economy where growth is stopped and living standards are falling behind those of its competitors cannot afford a legal system that cripples its industrial future."'Thurow is not alone.Many prominent new-style Democratic representatives and senators are reported to "have a more jaundiced view of the traditional concepts of monopoly and restraint of trade than do their liberal counterparts." 2 Businesspeople have jumped on the band wagon."With the vast changes that have taken place in the marketplace," contends John J. Murphy, chairman of Dresser Industries, "the antitrust laws that were written all those years ago are counterproductive today."