By Tony A. Freyer
How antitrust fostered a world festival recognition, able to curtailing international capitalism.
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Extra info for Antitrust and Global Capitalism, 1930-2004
In the Socony-Vacuum Oil Co. case, the nation’s leading oil companies raised a defense combining technological and organizational efficiencies to justify their cooperative purchasing of ‘‘surplus’’ gasoline from independent refiners to prevent the surplus from being introduced into the market. The companies argued that because the industry’s high fixed costs made cut-throat competition ruinous cooperation to fix prices was reasonable. Indeed, the NRA had approved the program. 60 Antitrust authorities further addressed such ‘‘efficiency’’ claims through broader use of consent decrees.
Ultimately, the proposals suggested contrary images of New Deal liberalism and its meaning within a dangerous world. The neo-NRA proponents favored a corporatist liberal capitalist state having cartelized business–government relations similar to the European model. New Dealers like Jackson envisioned a liberal regime in which the government used antitrust to hold big business accountable. The focus on accountability touched the nation’s isolationist foreign policy debate, the global expansion of American corporations, and the American attempt to institute a liberal trade order in a world dominated by autarkic protectionism, international cartels, colonialism, and ideological militarism.
Att. Gen. A. , Antitrust Division Matters, Miscellaneous, Box 77 , LC; notes 5 and 6 above. ’’ As the committee did its work, the president sent Jackson various letters he received from those hoping to establish an economic policy modeled after a revived NRA. ’’27 Henderson’s input on the committee undoubtedly sharpened Jackson’s negative perception of cartels. Henderson had been director of the NRA’s Research and Planning Division, where he gathered materials concerning the protection of consumers from the abusive conduct of cartels.
Antitrust and Global Capitalism, 1930-2004 by Tony A. Freyer