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