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The model was first presented by Oliver Williamson in his 1968 paper "Economies as an Antitrust Defense: The welfare tradeoffs" in the American Economic Review. [2] Williamson argued that ignoring efficiencies that may result from proposed mergers in antitrust law "fail[ed] to meet the basic test of economic rationality". [3]
Welfare capitalism is capitalism that includes social welfare policies [1] [better source needed] and/or the practice of businesses providing welfare services to their employees. Welfare capitalism in this second sense, or industrial paternalism , was centered on industries that employed skilled labor and peaked in the mid-20th century.
In the United States, antitrust law is a collection of mostly federal laws that govern the conduct and organization of businesses in order to promote economic competition and prevent unjustified monopolies. The three main U.S. antitrust statutes are the Sherman Act of 1890, the Clayton Act of 1914, and the Federal Trade Commission Act of 1914 ...
The movement draws inspiration from the anti-monopolist work of Louis Brandeis, an early 20th century United States Supreme Court Justice who called high economic concentration “the Curse of Bigness” and believed monopolies were inherently harmful to the welfare of workers and business innovation.
Donald Trump’s plan for an increase in tariffs across the board will give rise to corporate welfare that will damage America’s long-term economic growth, warned billionaire hedge fund manager ...
Note that the above mechanisms only solve the problem of double marginalization; from an overall welfare point of view, the problem of monopoly pricing remains. It should also be noted that while some of the solutions presented above, such as mergers, have a positive effect in minimizing the double markup present within the vertical competition ...
Hasbro purchased Tonka, and Parker Brothers with it, in 1991, and the Monopoly maker has remained part of Hasbro's stable ever since. The McDonald's sweepstakes has not been without its controversy.
Rent-seeking activities have negative effects on the rest of society. They result in reduced economic efficiency through misallocation of resources , stifled competition , reduced wealth creation , lost government revenue , heightened income inequality , [ 2 ] [ 3 ] risk of growing corruption and cronyism , decreased public trust in ...