chapter  12
17 Pages

Business Exemptions from the Antitrust Laws: Their Extent and Rationale

This is still the official credo of American free enterprise. It is the ideological facade of N.A.M. slogans-the ritual cant invoked on behalf of "rugged individualism," "rigorous competition," and "undiluted laissez-faire." It is the catechrestic catechism nurtured at home and the redemptive formula promoted abroad. It is, as Galbraith notes, the medicine which American businessmen would not think of taking themselves but which they unhesitatingly prescribe to othersespecially to foreigners.2