IRVINE, CA–Over the last century, the government has used antitrust law to prosecute and punish some of the most productive individuals and companies in history. It has subjected companies like Standard Oil, General Electric and Microsoft to endless trials, massive fines and destructive breakups–on charges that they harmed competitors and helpless customers by engaging in so-called anticompetitive behavior.
In his controversial new book, The Abolition of Antitrust, Dr. Gary Hull, director of the Program on Values and Ethics in the Marketplace at Duke University, and his co-writers present a sustained economic, historical, moral and legal broadside against the federal statutes known as antitrust.
These scholars of American economic history argue that the targets of antitrust are not criminals but victims, whose much-reviled power is in fact neither coercive nor destructive. They argue that the only “crime” of these phenomenal producers is their life-giving powers to produce products that appeal to millions of customers. Antitrust law, they argue, is fundamentally unjust: it throttles, punishes and sacrifices America’s best producers for the sake of those whose only talent is to get the political power needed to destroy the truly productive.
The authors conclude that the evil is not merely in some specific case or application of antitrust, but inherent in the law as such. Antitrust, they maintain, cannot be “fixed” or redeemed, and for the sake of justice and America’s prosperity, must be abolished.
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On Tuesday, May 24, the Ayn Rand Institute Lecture Series 2005 Presents:Antitrust Is Immoral By Gary Hull. Over the last century, the government has used antitrust law to prosecute and punish some of the most productive and innovative companies in history. It has subjected companies like Standard Oil, General Electric and Microsoft to endless trials, massive fines and destructive breakups—on charges that they harm worthy competitors and helpless customers by engaging in so-called anticompetitive behavior. In this provocative lecture, Dr. Gary Hull, director of the Program on Values and Ethics in the Marketplace at Duke University, argues that the targets of antitrust are not criminals but victims. Their much-reviled monopoly power is not coercive or destructive; it is the life-giving power to produce products that are incredibly appealing to customers and far superior to those of laggard competitors. Antitrust law, argues Dr. Hull, is fundamentally unjust: it throttles, punishes and sacrifices America’s best producers for the sake of their inferiors. This evil is not merely in any specific case or application of antitrust, but inherent in the law, as such. Antitrust cannot be “fixed” or redeemed. It must be abolished.
THIS EVENT IS FREE TO THE PUBLIC. LOCATION and DETAILS: Tuesday, May 24, 2005. Hyatt Regency Irvine, 17900 Jamboree Road (at the 405 Freeway), Irvine, California 92614. Bookstore opens: 6:30 PM. Presentation: 7:30 PM to 8:30 PM. Q & A: 8:30 PM to 9:30 PM