Introduction: The Centennial of the Standard Oil of New Jersey Decision

Introduction: The Centennial of the Standard Oil of New Jersey Decision Rev Ind Organ (2011) 38:223–224 DOI 10.1007/s11151-011-9284-x Introduction: The Centennial of the Standard Oil of New Jersey Decision John Howard Brown Received: 21 January 2011 / Accepted: 9 February 2011 / Published online: 22 February 2011 © Springer Science+Business Media, LLC. 2011 This special issue of the Review contains papers that are inspired by the centennial of the Supreme Court’s decision favoring the US Department of Justice in the Standard Oil of New Jersey case. Prior to the Standard case, it would not be too strong a state- ment to claim that the Sherman Act had failed as a deterrent to monopolistic conduct. After all, gigantism in industry proceeded apace in the two decades following the Act with ever larger firms created by merger. The Standard Oil case, and the American Tobacco case which was decided the same year, ended the headlong race towards monopoly in large segments of manufacturing. What is more, the relief that was granted to the government was unprecedented. Never before had a firm been required to disgorge prior acquisitions where those acquisitions involved actual operating companies as opposed to stock. The effect of these decisions was electric. As Clark and Clark (1912, p. 3) Review of Industrial Organization Springer Journals

Introduction: The Centennial of the Standard Oil of New Jersey Decision

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Copyright © 2011 by Springer Science+Business Media, LLC.
Economics; Industrial Organization; Microeconomics
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