Description:
<jats:p> English competition law before 1900 developed over many centuries and reflected changes in political conditions, economic theories and social values. It mirrored the historical movements in England, from the medieval ideal of fair prices and just wages to 16th and 17th century nation-state mercantilism to the 18th and 19th century Industrial Revolution and notions of laissez faire capitalism and freedom of contract. English competition law at varying times articulated three fundamental principles: monopolies were disfavored; freedom to trade was emphasized; and fair or reasonable prices were sought. The Sherman Act truly was a watershed that significantly took a different path from English law as it had evolved. In England, legal challenges to monopolization were limited to the royal creation of monopolies and were concentrated in the 17th and early 18th centuries. A prominent element of English competition law—bans on forestalling—was repealed in the first half of the 19th century. Enforcement of English law against cartels was largely emasculated by the end of the 19th century with the ascendancy of freedom of contract and laissez faire political theory. </jats:p>