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Chap016

The Legal and Regulatory Environment of Business

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Chapter 16 - Antitrust Laws – Regulating Competition CHAPTER 16 ANTITRUST LAWS – REGULATING COMPETITION I. LEARNING OBJECTIVES This chapter introduces the student to antitrust law. The purpose of the chapter is to familiarize the student with basic antitrust laws, the Sherman Act, the Clayton Act, and the Federal Trade Commission Act. Students should understand that these antitrust laws were enacted to make our competitive economic system work. The antitrust sanctions will be emphasized. Students should become familiar with the fundamental aspects of the Sherman Act, its exemptions, and typical violations of this act. Furthermore, students should gain an appreciation of how Congress and the courts attempt to close loopholes left by the Sherman Act. This understanding is gained through the study of three sections of the Clayton Act and one section of the FTC Act. II. REFERENCES Ewing, K.P., Competition Rules for the 21 st Century: Principles from America’s Experience . Kluwer Law International (2003) Gordon, R.L., Antitrust Abuse in the New Economy: The Microsoft Case . Edward Elgar (2002). Greider, K., The Big Fix: How the Pharmaceutical Industry Rips Off American Consumers . Public Affairs (2003). Haas-Wilson, D., Managed Care and Monopoly Power: The Antitrust Challenge . Howard University Press (2003). Holmes, D. and W. Holmes, Antitrust Law Sourcebook for the United States and Europe , 4 th edition. West Publishing (2006). Holmes, W.C., Antitrust Law Handbook , 2006 Edition. West Publishing (2006). Hovenkamp, H., The Antitrust Enterprise: Principle and Execution . Harvard University Press (2005). Hovenkamp, H., Hovenkamp Hornbook on Federal Antitrust Policy, The Law of Competition and Its Practice , 3 rd edition. West Publishing (2005). Kwoka, J.E. and L.J. White, The Antitrust Revolution: Economics, Competition and Policy . Oxford University Press (2004). Mason, C., The Art of the Steal: Inside the Sotheby’s-Christie’s Auction House Scandal . G.P. Putnam’s Sons (2004). 16-1
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Chapter 16 - Antitrust Laws – Regulating Competition Mourdoukoutas, P., Business Strategy in a Semiglobal Economy . M.E. Sharpe (2006). Sherman, A., Mergers and Acquisitions from A to Z , 2 nd edition. AMACOM (2006). Sullivan, L.A. and W.S. Grimes, Hornbook on the Law of Antitrust: An Integrated Handbook , 2 nd edition. West Publishing (2006). Viscusi, W.K., J. Harrington, and J. Vernon, Economics of Regulation and Antitrust . MIT Press (2005). Wells, W.C., Antitrust and the Formation of the Postwar World . Columbia University Press (2002). III. TEACHING OUTLINE 1. Historical Development A. Emphasize : (1) The definition of a trust. Illustrate how the trust device was used to form some of the first monopolies. Explain that trusts still have many legal uses such as in estate planning. (2) The meaning of the term "antitrust law." (3) The reasons for the adoption of the Sherman Act. (4) The reasons for the adoption of the Clayton Act.
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