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Lecture05 - Lecture 5 The Economic Origins of...

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Lecture 5: The Economic Origins of Associationalism, 1920-1932 Excess Capacity, Underconsumption, and the Problem of “Profitless Prosperity”
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Market Regime-Timeline Market Regime-Timeline Institutions of Enforced Competition and Institutions of Enforced Competition and Progressive Regulation Progressive Regulation 1880 1890 1887 1897 1911 1914 State RR Reg Common Law Business Reg ICA Independent Regulatory Commission + Anti-pooling Sherman Antitrust Act + Common Law Reading Trans-Missouri (Agrarian Reading) Standard Oil/ American Tobacco Rulings (“Rule of Reason” Readings) FTC Independent Regulatory Commission + Clayton Act 1906 Food and Drug Act (FDA – Reg Agency)
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What is Associationalism?
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What is Associationalism? A cooperative regulatory strategy for rationalizing competition and moderating the business cycle through institutions of voluntary business self-regulation
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What is Associationalism? A cooperative regulatory strategy for rationalizing competition and moderating the business cycle through institutions of voluntary business self-regulation A strategy of govt-facilitated organization of “natural competitors” into cooperative trade associations
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What is Associationalism? A cooperative regulatory strategy for rationalizing competition and moderating the business cycle through institutions of voluntary business self-regulation A strategy of govt-facilitated organization of “natural competitors” into cooperative TRADE ASSOCIATIONS
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What is Associationalism? A cooperative regulatory strategy for rationalizing competition and moderating the business cycle through institutions of voluntary business self-regulation A strategy of govt-facilitated organization of “natural competitors” into cooperative TRADE ASSOCIATIONS
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What is Associationalism? What do trade associations do for their members?
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What is Associationalism? What do trade associations do for their members? Collect and disseminate industry-wide information on Aggregate demand; aggregate output; costs of production
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What is Associationalism? What do trade associations do for their members? Collect and disseminate industry-wide information on Aggregate demand; aggregate output; costs of production Set industry-wide standards Wages; product quality; fair trade practices
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What is Associationalism? What do trade associations do for their members? Collect and disseminate industry-wide information on Aggregate demand; aggregate output; costs of production Set industry-wide standards Wages; product quality; fair trade practices Monitor compliance
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What is Associationalism? What do trade associations do for their members? Collect and disseminate industry-wide information on Aggregate demand; aggregate output; costs of production Set industry-wide standards Wages; product quality; fair trade practices Monitor compliance Punish defectors Enforce industrial self-discipline
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What is Associationalism?
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