Word: antitrust
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Dates: during 1950-1959
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...started figuring out ways to get more venture capital into U.S. industry. He set about trying to clarify the Government's antitrust policy. These were longtime projects. While they jelled, he set about improving relations between Harry Truman and the U.S. businessman. This idea was not new: it goes with the job. Even Harry Hopkins cheered for business as long as he was Secretary of Commerce. Even Henry Wallace had declared, "We must have an expanding private industry" before he was booted out of the Commerce secretaryship for speaking out on foreign affairs...
Manhattan Lawyer James V. Hayes, himself a onetime assistant U.S. Attorney General, put his finger on the basic trouble with the Government's antitrust policy. It was a "case-by-case approach," he said, following no thought-out long-range policy. It attempted to regulate the enormous U.S. economy of 1950 with a law drafted 60 years ago. "It may result," said Hayes, "in breakups of large enterprises even though it might be socially and economically advisable to maintain them as they...
...into seven separate grocery chains, the U.S. complained that A. & P. failed to mark up prices the normal amount. There was no question of monopoly, for A. & P.'s share of total business had shrunk from 11.6% in 1933 to 6.4% in 1949. In the same manner, Antitrust went after Wilmington's Du Pont empire, called it "the largest single concentration of industrial power in the U.S." But did this mean that it was thus, automatically, too big? Should the test be mere size or should it be efficiency...