Federal Antitrust Policy During the Kennedy-Johnson Years

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Greenwood Publishing Group, 1995 - 180 lappuses


By 1968, 200 corporations held over 60 percent of the nation's manufacturing assets and total annual profits. This book is a comprehensive study of the enormous concentration of economic power resulting from the Third Great Merger Movement, during which over 9,400 firms disappeared through merger, increasing from 954 in 1961 to 2,442 in the peak year of 1968. This great merger wave took place during a period of prosperity marked by a rapidly expanding economy, easy money, and a bouyant stock market. The conglomerate firm was the most prominent feature of the Third Great Merger Movement.

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Introduction A Brief History of Antitrust Policy to 1950
1
18951904
3
19051918
6
19191930
9
Depression Decade
14
Toward the CellarKefauver Act
18
The Issue Business Concentration in the 1950s and 1960s
21
Concentration
24
The House
86
Toward the Supreme Court
88
The Response The Supreme Court
89
Significant Antitrust Cases of the 1960s
90
Toward the Nixon Years
99
Conclusions
101
Epilogue
103
Merger Guidelines US Department of Justice
107

The Conglomerate Movement
34
19611968
42
Toward the KennedyJohnson Years
44
The Response The Executive
49
The Justice Department
57
The Federal Trade Commission
68
Toward the Legislative Process
75
The Response The Congress
79
The Senate
81
Report of the White House Task Force on Antitrust Policy
119
Summary Report of the Task Force on Productivity and Competition
137
Directorships of Major US Corporations Tightly Interlocked
139
Notes
141
Glossary
165
Selected Bibliography
169
Case Index
177
Subject Index
179
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20. lappuse - No corporation shall acquire, directly or indirectly, the whole or any part of the stock or other share capital and no corporation subject to the jurisdiction of the Federal Trade Commission shall acquire the whole or any part of the assets of one or more corporations engaged in commerce, where in any line of commerce...
20. lappuse - Commission shall acquire the whole or any part of the assets of another corporation engaged also in commerce, where in any line of commerce in any section of the country, the effect of such acquisition may be substantially to lessen competition, or to tend to create a monopoly.
135. lappuse - ... the same by voting or otherwise to bring about, or in attempting to bring about, the substantial lessening of competition. Nor shall anything contained in this section prevent a corporation engaged in commerce from causing the formation of subsidiary corporations for the actual carrying on of their immediate lawful business, or the natural and legitimate branches or extensions thereof, or from owning and holding all or a part of the stock of such subsidiary corporations, when the effect of such...
135. lappuse - This section shall not apply to corporations purchasing such stock solely for investment and not using the same by voting or otherwise to bring about, or in attempting to bring about, the substantial lessening of competition. Nor shall anything contained in this section prevent a corporation engaged in commerce from causing the formation of subsidiary corporations for the actual carrying on of their immediate lawful business, or the natural...
10. lappuse - The corporation is undoubtedly of impressive size, and it takes an effort of resolution not to be affected by it or to exaggerate its influence. But we must adhere to the law, and the law does not make mere size an offense or the existence of unexerted power an offense.
127. lappuse - Act prohibits any contract, combination, or conspiracy in restraint of interstate or foreign commerce. Section 7 of the Clayton Act prohibits acquisitions which may tend substantially to lessen competition. While existing precedents and the history of antitrust enforcement do not Justify widespread use of these statutes against concentrated industries, we believe that appropriate precedents might be developed which would be useful in some cases. Courts may be reluctant to expand the scope of these...
94. lappuse - The effect on competition in a particular market through acquisition of another company is determined by the nature or extent of that market and by the nearness of the absorbed company to it, that company's eagerness to enter that market, its resourcefulness, and so on. Pacific Northwest's position as a competitive factor in California was not disproved by the fact that it had never sold gas there.
14. lappuse - Mere acquisition by one corporation of the stock of a competitor, even though it result in some lessening of competition, is not forbidden; the act deals only with such acquisitions as probably will result in lessening competition to a substantial degree, Standard Fashion Co.
121. lappuse - SEC consult with antitrust enforcement agencies in formulating reporting requirements. Pending adoption of this recommendation, the antitrust enforcement agencies should be requested to consider submitting recommendations to the SEC in connection with the current divisional reporting inquiry. 6. We have a number of additional recommendations for further action or further study. These include advance notification of mergers and a reasonable statute of limitations on lawsuits attacking mergers; a limit...

Par autoru (1995)

JAMES R. WILLIAMSON is a retired U.S. Army officer and retired Professor of History and Business, Gwynedd-Mercy College. Presently, he is Adjunct Professor of History and Political Science at the University of Scranton and Adjunct Professor of History and Business at Wilkes University. He coauthored Zebulon Butler: Hero of the Revolutionary Frontier (Greenwood Press, 1995).

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