TY - ENCYC
T1 - Antitrust and regulation in American economic history
AU - Kaiser, Brooks
PY - 2018
Y1 - 2018
N2 - Over the course of American history and economic development, market activity and the systems underlying and governing this activity have coevolved to address the changing fundamentals of human interactions within the marketplace and beyond. The growth of the American economy and its regulation are deeply intertwined. This chapter discusses these coevolutionary forces in the context of the development of American antitrust laws and the expanding reach of government regulation throughout American economic history. Antitrust and regulation are addressed together because they complement each other in their ability to address ex-ante incentives, primarily through regulation, and ex-post corrections and adjustments, primarily through antitrust suits and related legislative action, that may in turn result in new regulation. The chapter focuses on government regulation of industry in two arenas: price and entry regulation with market power (antitrust issues), and regulation of other market failures, especially environmental, health, occupational safety, and product quality regulation.
AB - Over the course of American history and economic development, market activity and the systems underlying and governing this activity have coevolved to address the changing fundamentals of human interactions within the marketplace and beyond. The growth of the American economy and its regulation are deeply intertwined. This chapter discusses these coevolutionary forces in the context of the development of American antitrust laws and the expanding reach of government regulation throughout American economic history. Antitrust and regulation are addressed together because they complement each other in their ability to address ex-ante incentives, primarily through regulation, and ex-post corrections and adjustments, primarily through antitrust suits and related legislative action, that may in turn result in new regulation. The chapter focuses on government regulation of industry in two arenas: price and entry regulation with market power (antitrust issues), and regulation of other market failures, especially environmental, health, occupational safety, and product quality regulation.
KW - Antitrust and regulation
KW - Cartels
KW - Clayton act
KW - Monopoly regulation
KW - Natural resource markets
KW - Sherman antitrust act
KW - Standard oil
U2 - 10.1093/oxfordhb/9780190882624.013.32
DO - 10.1093/oxfordhb/9780190882624.013.32
M3 - Encyclopedia chapter
AN - SCOPUS:85061243731
VL - 2
SP - 325
EP - 347
BT - The Oxford Handbook of American Economic History
PB - Oxford University Press
ER -