Judicial Enforcement of Competition in Regulated Industries
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Authors
Krutter, Forrest N.
Issue Date
1979
Volume
12
Issue
Type
Journal Article
Language
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Abstract
INTRODUCTION|The Sherman Antitrust Act of 1890 rests on the premise that free and unfettered competition is in the nation's best interest. The Act to Regulate Commerce of 1887 rests on the premise that the forces of the free market must be regulated in the public interest. Since the passage of these landmark statutes there has been a clash between the ideas of free competition, fostered by the antitrust laws, and the regulation of various industries, under the aegis of various state and federal agencies. Since the birth of the Interstate Commerce Commission ("ICC") in 1887, Congress has established numerous federal agencies to regulate other industries. Each of these agencies was designed to regulate single industries (as opposed to the problem-oriented agencies, such as the Environmental Protection Agency, which have been created in recent years) . The justification for many of these agencies was that, in some way, the free enterprise system did not work to insure optimal conditions in the industry. These problems could be traced to a natural monopoly, excessive competition, lack of adequate information to the public, a scarce resource which should not be allocated by the free market, or a sense of paternalism...
Description
Citation
12 Creighton L. Rev. 1041 (1978-1979)
Publisher
Creighton University School of Law