Market Dominance: How Firms Gain, Hold, or Lose It and the Impact on Economic Performance

By David I. Rosenbaum | Go to book overview

in effect, a nullification, not only of the Sherman law, but of the decision of the Supreme Court." It was, he wrote, tantamount to legalizing illegal market power. As such, he concluded, it marked the discovery of a novel constitutional principle: "What man has illegally joined together, let no court put asunder."71


NOTES
1.
United States v American Tobacco Co., 191 F 371, 392 (Cir. SDNY 1911).
2.
Richard B. Tennant, The American Cigarette Industry ( New Haven, CT: Yale University Press, 1950), p. 94.
3.
Ibid.
4.
William B. Burnett, "Predation by a Nondominant Firm", The Antitrust Revolution, 2d ed., ed. John E. Kwoka and Lawrence J. White ( New York: HarperCollins, 1994), p. 261.
5.
Robert S. Lazich, Market Share Reporter: 1997 ( Detroit, MI: Gale Research, 1997), p. 103.
6.
Derived from information presented in Henry R. Seager and Charles A. Gulick, Trust and Corporation Problems ( New York: Harper & Bros., 1929), p. 163; and Tennant, Cigarette Industry, pp. 19, 25.
7.
Seager & Gulick, Trust, p. 163.
8.
Tennant, Cigarette Industry, p. 28.
9.
Commissioner of Corporations, Report on the Tobacco Industry, Part 1 ( Washington, D.C.: U.S. Government Printing Office, 1909), p. 65.
10.
Seager & Gulick, Trust, p. 150.
11.
Report on the Tobacco Industry, Part 1, pp. 181-190.
15.
Tennant, Cigarette Industry, p. 27.
16.
Ibid., pp. 96-97; Tennant, Cigarette Industry, p. 28.
17.
For detailed analysis, see Walter Adams and James W. Brock, "Predation, 'Rationality,' and Judicial Somnambulance", University of Cincinnati Law Review 64 ( 1996): 811.
18.
Reproduced in Malcolm R. Burns, "New Evidence on Predatory Price Cutting", Managerial and Decision Economics 10 ( 1989): 328.
19.
Ibid.
20.
Ibid.
21.
Ibid.
22.
Commissioner of Corporations, Report on the Tobacco Industry, Part 3 ( Washington, D.C.: U.S. Government Printing Office, 1915), p. 51; Seager and Gulick, Trust, p. 169.
23.
Malcolm R. Bums, "Predatory Pricing and the Acquisition Cost of Competitors", Journal of Political Economy 94 ( 1986): 266-296.
24.
Seager and Gulick, Trust, p. 165.
25.
United States v American Tobacco Co., 221 US 106, 181-82 ( 1911).
27.
The big four were American Tobacco, Liggett and Myers, R. J. Reynolds, and Lorillard.
28.
United States v American Tobacco Co., 191 F.2d 371, 392 (Cir. Ct., SDNY, 1911).
29.
William H. Nicholls, Price Policies in the Cigarette Industry ( Nashville, TN: Vanderbilt University Press, 1951), p. 78.

-51-

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Market Dominance: How Firms Gain, Hold, or Lose It and the Impact on Economic Performance
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Illustrations vii
  • 1 - Introduction 1
  • Notes 9
  • 2 - Dominance in the Oil Industry: Standard Oil from 1865 to 1911 11
  • Notes 33
  • 3 - Tobacco: Predation and Persistent Market Power 39
  • Notes 51
  • 4 - Alcoa and the U.S. Aluminum Industry 55
  • Notes 66
  • 5 - Dow Chemical and the Magnesium Industry 69
  • Notes 86
  • 6 - Eastman Kodak in the Photographic Film Industry: Picture Imperfect? 89
  • Notes 107
  • 7 - The Rise and Fall of Ford and General Motors in the U.S. Automobile Industry: A Tale Twice Told 109
  • Notes 126
  • 8 - The Rise and Fall of IBM 131
  • Notes 150
  • 9 - Microsoft 153
  • Notes 172
  • 10 - Blue Cross: Health Insurance 175
  • Notes 190
  • 11 - AT&T's Grand Design for Dominance in the Global Information Age 195
  • Notes 224
  • 12 - Conclusion 227
  • Notes 254
  • Bibliography 257
  • Index 267
  • About the Author 273
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