Antitrust and Global Capitalism: 1930-2004.

• Author: Pool, Tyler S.
• Position: Book review

Antitrust and Global Capitalism, 1930-2004. By Tony A. Freyer, New York, NY: Cambridge University Press, 2006. Pp. 405. $85 (hardcover).

The Introduction of Tony Freyer's book, Antitrust and Global Capitalism, 1930-2004, states that international antitrust regimes share certain features, including "relative bureaucratic autonomy, due process standards, and judicial review" (p. 3). As such, Freyer argues the spread of antitrust policies internationally constituted the spread of a certain mindset (p. 3). In other words, the internationalization of antitrust law was not merely the spread of certain regulations, but the spread of a perspective on policies, economics, and political systems.

With this definition and thesis as a foundation, the book describes the adoption of antitrust regimes around the world, and argues that these processes did not always happen as previously thought. For instance, historians and academics once thought that the United States effectively forced antitrust legislation on Japan after its World War II defeat, but Freyer offers evidence that Japanese policymakers were actively involved in the development of the antitrust regime. In addition, the book argues that an acceptance of antitrust policy was linked to the "promotion of democratic economic opportunity" (p. 162). Freyer explores this thesis through examples of early antitrust enforcement and the "turning point" in the Fair Trade Commission's review of mergers (p. 145). Although the evidence presented paints a more nuanced picture than the book first implies--during the early years of the antimonopoly law, it was not at all clear that it would be a success--the argument is still sound overall.

Freyer's work incorporates case law, academic theory, current events, and policy discussions in order to trace the development of antitrust regulation in various countries. Focusing on Britain, Germany, the United States, Australia, and Japan, Freyer details the interdependence of antitrust regulation in these countries as they developed from 1930 to 2004.

He begins by describing the development of antitrust regulation in the United States from 1937 to 1945. The chapter argues that the early support for antitrust contained in Franklin Roosevelt's "antimonopoly message" successfully set the stage for later regulation (p. 9). The book describes study committees, political debates, and the influence of the economy on the public perception of antitrust regulation. Freyer argues that this period was characterized by an increasing reliance on the judicial system to interpret and enforce regulations (p. 59). This section presents a very interesting historical snapshot of American antitrust regulation during the time period.

Next, Freyer focuses on the approach to antitrust in...