Word: antitrusters
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NOBODY is henceforth going to be afraid of or suspicious of any business merely because it is big." With these words, spoken after the passage of the Clayton Antitrust Act in 1914, President Woodrow Wilson thought he had laid to rest, once and for all, the question of how big a business should be. He could not have been more wrong. Time and time again, the nation's industrial giants have been haled into court on antitrust charges that smacked of prosecution for bigness alone. The problem has been raised again by the roadblock against the Bethlehem-Youngstown steel...
...market] is enough to constitute a monopoly; it is doubtful whether 60% or 64% would be enough, and certainly, 33% is not." But many another judge and businessman have disagreed. The confusion over bigness and monopoly started in 1890 with the Sherman Act, the forerunner of all antitrust legislation. Although the act clearly stated that any person "who shall monopolize" is guilty of a crime, it failed to define monopoly. Thus every merger in the early trustbusting days was a calculated risk. Industry breathed easier after the Supreme Court in 1911 adopted the flexible "rule of reason," which held that...
...reason for the great shift in legal opinions is that the economic yardsticks by which bigness is measured have been constantly changing. When the antitrust acts were first passed, few companies were in the $100 million class; today there are more than a dozen in the billion-plus class. Yet nobody raises a serious complaint that these companies are too big. They and other giants have proved that big companies can not only be more efficient in many industries (e.g., autos), but only big companies can afford the research often needed to develop new industries. For example, RCA spent...
...matters, doing much of the spadework on the famed Hawley-Smoot tariff bill. The next year he joined Aluminum Co. of America, among other jobs was a door-to-door salesman in Los Angeles before returning to Washington as a lobbyist for the company when it was investigated on antitrust charges in 1937. He joined the Automobile Manufacturers Association in 1939 and rose to managing director. Romney became good friends with George Mason, then president of the A.M.A. When Mason became chairman of Nash in 1948, he invited Romney along "to learn the business from the ground...
ADMINISTRATION BATTLE between the Labor and Commerce Departments is building up over Commerce Secretary Sinclair Weeks's proposal to put labor unions under the antitrust laws. Labor Secretary James Mitchell, who is opposed, has come out on top, so far, in a running battle over other issues, e.g., knocking down a Commerce proposal to divert copper from the strategic stockpile to the strike-bound copper industry (on the ground that it was strike-breaking...