Were the Sherman Anti-Trust Act and the Clayton Act failures?

Were the Sherman Anti-Trust Act and the Clayton Act failures?

  1. The Relevant Product Market

Analyze and criticize this statement:

The strategy of the Sherman Anti-Trust Act and other U.S. antimonopoly legislation is to

ensure that each company has meaningful competitors in every product market in which it

participates. This strategy works to prevent monopoly pricing of products but unfortunately

it is inadequate to prevent the development of quasipolitical control of entire societies by

oligopolies whose member corporations share a quasipolitical agenda. Therefore, as the

world becomes a single market, some new strategy must be developed to control the reach

of the corporate oligopolies.

  • What About Personal Wealth?

Three hundred of the largest global corporations hold about 25% of the world’s productive assets, while in the U.S.,

revenues of the top 500 corporations equal about 60% of the annual GDP. Some would call this concentrated control

of production and commerce by large corporations almost democratic, compared to present-day concentration of

personal wealth. The net worth of the top 1% of individual Americans now equals the net worth of the bottom 95%.

Does the high degree of effective control of the world economy by the ‘corporate tribe,’ along with the extreme

concentration of personal wealth in the United States in the hands of the same individuals who control the largest

corporations, mean that the Sherman Anti-Trust Act and the Clayton Act have been failures?

Sherman Anti-Trust Act and the Clayton Act, as well as, other subsequent antitrust legal

instruments are not failures with regard to control of wealth accumulation in the American

society. Doing so can be superficial, irrational and even simplistic because apart from unfair

business practices, there are other socio-economic and political factors that results into

differences and gaps between peoples’ personal wealth. It is common knowledge that persons

from wealthy background, as well as, those with skills and expertise knowledge are bound to

have an added advantage in their endeavors to accumulate personal wealth.


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