Monopoly in America

American history did not begin in 1890 and American attitudes toward monopoly did not begin with the Sherman Act. Colonial and antebellum Americans did not need instruction from Louis Brandeis to oppose monopolies and they did not need instruction from Joseph Schumpeter to exclude some monopolies from general censure. Americans have always hated monopoly―both public and private. At the same time, Americans have accepted―sometimes begrudgingly―government grants to incentivize production and innovation. And private monopolies resulting exclusively from skill, foresight and industry have been viewed as welcome entrepreneurial success. Monopoly in America offers a tour d’horizon of the American experience with the notion of monopoly, It examines the American antimonopoly tradition from its inception in the early 1600s to the present debate about the effectiveness of antitrust laws to deal with today’s monopolies. The modern antitrust law pivot away from government monopoly grants to private firm monopoly raises questions that remained largely in the background before the antitrust movement of the 19th century: how do we apply laws dealing with private monopoly so as not to stifle entrepreneurial drive, incentives and innovation? should the law condemn all private monopolies or only those without justification? How will the yin (opportunity to compete) and yang (entrepreneurial spirit and success) be reconciled by courts and authorities in deciding whether a successful firm has violated the law―a reconciliation often hidden by opinions couched in the minutiae of economic and legal analysis. This book is intended to provide an often-overlooked context in answering those questions.