1. Acquisition Activity of Webb-Pomerene Member Firms, 1951-1968: A Policy Suggestion.
- Author
-
Leary, Thomas J. and W. L.
- Subjects
SMALL business laws ,INTERNATIONAL trade ,ASSOCIATIONS, institutions, etc. ,GLOBALIZATION ,INDUSTRIAL concentration ,BIG business - Abstract
The legislative intent of the Webb-Pomerene Law of 1918 was to induce and encourage small firms to enter the international market. To accomplish this end, Congress granted to firm's immunity from the Sherman Act, the Federal Trade Commission Act and the Clayton Act at that time the three statutes concerned with anticompetitive business behavior. It was thought that small or medium-size firms acting independently would find the costs of entering foreign trade prohibitive but that acting in concert through cooperative arrangements such costs might be lowered. Also the firms were permitted to form Associations for export purposes whether or not they were confronted with buying or selling cartels in international markets. Left unstated by Congress were the techniques these Associations could employ in implementing the cooperative arrangements. These cooperative arrangements were intended to permit collusive action in export markets only.
- Published
- 1972
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