Michael Munger on Antitrust

Published in 1949, '1984' is a cautionary tale by George Orwell that explores the dangers of totalitarianism. The novel is set in a dystopian future where the world is divided into three super-states, with the protagonist Winston Smith living in Oceania, ruled by the mysterious and omnipotent leader Big Brother. Winston works at the Ministry of Truth, where he rewrites historical records to conform to the Party's ever-changing narrative. He begins an illicit love affair with Julia and starts to rebel against the Party, but they are eventually caught and subjected to brutal torture and indoctrination. The novel highlights themes of government surveillance, manipulation of language and history, and the suppression of individual freedom and independent thought.

First published in 1978, 'The Antitrust Paradox: A Policy at War With Itself' is a influential book that has significantly impacted the interpretation and application of antitrust law. Bork argues that antitrust suits often adversely affect consumers by encouraging costly protection for inefficient and uncompetitive small businesses. The book is divided into three parts, covering theoretical foundations, applications to various antitrust issues such as mergers and vertical market restrictions, and a summation of how the law should be enforced. Bork advocates for a consumer welfare model, emphasizing the importance of economic analysis in antitrust policy and enforcement.

In this seminal work, Joseph A. Schumpeter analyzes the processes of capitalism, arguing that it is both innovative and unstable due to the concept of 'creative destruction', where continuous innovation disrupts established industries. The book also examines the potential replacement of capitalism by socialism and discusses the future of democracy in evolving economic structures. Schumpeter presents a balanced view of both capitalist and socialist systems through theoretical models and comparative analysis, and he predicts that capitalism might eventually give way to socialism due to internal societal and economic changes rather than external failures.