Word: antitrust
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...question: Is insurance commerce? is now of prime importance to the $5.8 billion fire insurance industry. After 75 years of freedom from Federal regulation, the fire underwriters face an antitrust action, now before the U.S. Supreme Court, against which virtually their sole defense is that insurance is not interstate commerce...
Facts v. Shibboleths. The Justice Department insisted that Federal policing of the antitrust laws does not imply any subtraction from the states' right to police the rest of the insurance business. And in its fight to separate shibboleths from facts it had a potent-though silent-partner: the $36 billion life insurance industry, which has quietly dissociated itself from the Bailey-Van Nuys bill and privately sees no reason why insurance should not be called commerce...
...attitude of many a cartel-minded British bigwig, Benton reported, was epitomized by Lord McGowan, chairman of the potent Imperial Chemical Industries Ltd., and a director of General Motors, who said naively: "I see no hope for collaboration between British and American business unless the U.S. repeals its Sherman antitrust act. Can we in England look forward to that...
...Capital and Security. Fact-finding Mr. Benton came up with two reasons for the British liking for cartels: 1) England has never had antitrust legislation such as ours, thus cannot understand such legislation in the U.S. nor the fear of the American people of concentrated power in private hands; 2) the British view of capital is poles apart from the American...
Praising Morrison's frankness, the Economist goes on to praise the U.S. antitrust laws, to suggest that Parliament pass a declaratory act reviving the old common-law doctrine against restraint of trade. The Economist also calls for the appointment of a Royal Commission to explore the "jungle" of British trade associations...