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1 [i] (1982)

handle is hein.amenin/aeiabqx0001 and id is 1 raw text is: Mergers in Perspective Because of the economic gains that size confers, most nations encourage corporations to combine with one an- other, The United States, however has been hostile to mergers in the belief that they restrict output and reduce competition. This study analyzes the three great merger waves in the United States in the twentieth century and offers data refuting common beliefs about mergers. From 1935 to 1947, for example., when policy toward horizontal mergers was very perissive, industrial concentration decreased, Dur- ing the conglomerate merger wave of the 1960s, aggregate concentration in the nonfinancial sector also declined. Ac- cording to this stu dy, conglomerate mergers improve ef- ficiency and raise productivity. in view of these findings, the author supports a neutral policy toward mergers. lie proposes that the merger guide- lines issued in 1.968 by the Department of justice be changed to indicate which mergers will be allowed, rather than which will be forbidden, and to eliminate statistical measures of market shares as a test of the legality of mergers, Yale Brozen is professor of business economics in the Graduate School of Business at the University of Chicago, director of its applied economics program. and an adjunct scholar of the American Enterprise Institute. Anenican Enterprise Institute for Public Peicy Research 1.50 Seve-teent-. Street, N.W., Washington, D.C. 20036 ISBN 978-0-8447-3483-5 91781114 731835 91010

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