more consolidation means more efficiency. I think that the Japanese model was in the background of the thinking at the time.
On Mon, Feb 09, 2004 at 06:40:15PM -0500, Peter Hollings wrote: > I might guess that the Bork theory aluded to had either of the following > underpinnings: a) more concentration in US markets would allow higher profit > margins there, enhancing the capability of subsidizing entry into foreign > markets; or, b) a "size matters" argument that the bigger you are, the more > readily you can raise capital, etc. > > What was Bork's argument? It would seem that, the nature of it would enable > us to judge its "progressivity". For example, the subsidy argument, by > penalizing US consumers, wouldn't seem a progressive effect at all. > > What role the Japanese style of industrial organization and protectionism > have to bear? > > Peter Hollings > > -----Original Message----- > From: PEN-L list [mailto:[EMAIL PROTECTED] On Behalf Of Michael > Perelman > Sent: Monday, February 09, 2004 6:12 PM > To: [EMAIL PROTECTED] > Subject: Re: [PEN-L] The economy - a new era? > > > Actually, the Reagan years were more important. The Chicago school, > especially Robert Bork, made the case that antitrust hobbled American > corporations in the international market. > > > On Mon, Feb 09, 2004 at 03:08:28PM -0800, Devine, James wrote: > > my 2 kopeks: it was under Clinton (or perhaps under Bush I or even Reagan) > that anti-trust was shelved. The idea was that with globalization of > competition in product markets, anti-trust wasn't needed. Of course, not all > products have globalized markets... > > > > ------------------------ > > Jim Devine [EMAIL PROTECTED] & http://bellarmine.lmu.edu/~jdevine > > > > > > > > > > > -----Original Message----- > > > From: Eugene Coyle [mailto:[EMAIL PROTECTED] > > > Sent: Monday, February 09, 2004 2:14 PM > > > To: [EMAIL PROTECTED] > > > Subject: [PEN-L] The economy - a new era? > > > > > > > > > Has the US economy entered a new era? > > > > > > It seems to me that the US Department of Justice, along with other > > > relevant agencies, has lost interest in enforcing antitrust laws. > > > > > > I think we are back to the 1880s and 1890s, where "Trusts" and "pools" > > > will rationalize capacity for the good of all? > > > > > > Banks and insurance companies agglomerate. Electric power > > > generation is > > > falling into fewer and fewer hands, and those hands are more and more > > > financial institutions. Big oil gets bigger. Big steel consolidates > > > while the steel market sags. ADM and Cargill thrive while > > > the number of > > > farmers shrinks. > > > > > > Am I generalizing from the worst possible input, anecdotal evidence? > > > > > > I've always loved anecdotal evidence -- I continue to believe what is > > > before my eyes. I believed that smoking cigarettes caused > > > lung cancer. > > > I still do, actually. > > > > > > But clue me in: Are we moving to tight oligopoly everywhere > > > in our economy? > > > > > > PEN-l doesn't much discuss economics, as Michael complains. > > > But when it > > > does, it discusses macro. Anybody looking at market structure? > > > > > > Gene Coyle > > > > > -- > Michael Perelman > Economics Department > California State University > Chico, CA 95929 > > Tel. 530-898-5321 > E-Mail michael at ecst.csuchico.edu -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu
