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About the Book
Currently more than twenty statutory antitrust exemptions exist, scattered throughout the U.S. Code, which touch upon widely differing aspects of commerce. Now, for the first time, this monograph comprehensively surveys the diverse array of statutes currently in force that modify or limit federal antitrust law, and analyzes their costs and benefits. Lawyers and economists familiar with some of these laws might be surprised by the extent of some of them or the variety of the subjects they affect. Some measures completely exempt whole industries from antitrust (though fewer as time goes on), and even now several major aspects of U.S. commerce are subject to only limited antitrust scrutiny or none at all. Federal Statutory Exemptions from Antitrust Law presents an analysis of the statutory exemption practice and its effects on the economy and public welfare.
The substantive study itself begins with a survey of all statutory exemptions currently in force and the economic theories by which they are commonly justified. The subsequent case studies consider the applicability of these economic theories to the statutes that Congress has adopted. Part II provides three case studies of exemptions still in force, in agriculture, insurance, and ocean shipping. Part III examines three focused exemptions, involving railroads, the broadcasting of professional sports games, and newspaper joint publishing arrangements. Part IV provides analyses of the statutes modifying antitrust law, as applied to joint ventures and agreements among competitors on research, production and standards setting, and local government restraints on competition. Finally, Part V draws from these case studies a series of observations about the legislative process of exempting from or modifying antitrust law.