InHenry VIII of England reintroduced tariffs for foodstuffs, designed to stabilize prices, in the face of fluctuations in supply from overseas.
The Standard Oil Company trust in the s controlled several markets, including the market in fuel oillead and whiskey. From tothe enforcement of antitrust law was based on efficiency explanations as the Chicago School became dominant, and through legal writings such as Judge Robert Bork 's book The Antitrust Paradox.
Article 3 establishes exemptions, if the collusion is for distributional or technological innovation, gives consumers a "fair share" of the benefit and does not include unreasonable restraints that risk eliminating competition anywhere or compliant with the general principle of European Union law of proportionality.
But by the reign of Queen Elizabeth Ithe system was reputedly much abused and used merely to preserve privileges, encouraging nothing new in the way of innovation or manufacture.
However, as in the late 19th century, a depression spread through Europe, known as the Panic ofideas of competition lost favour, and it was felt that companies had to co-operate by forming cartels to withstand huge pressures on prices and profits. Within Economic Regulation, we only touch some of the more classical issues.
From onwards the rule of reason analysis was frequently applied by courts to competition cases.
Examples of legislation enshrining competition principles include the constitutiones juris metallici by Wenceslaus II of Bohemia between andcondemning combination of ore traders increasing prices; the Municipal Statutes of Florence in and followed Zeno 's legislation against state monopolies; and under Emperor Charles V in the Holy Roman Empire a law was passed "to prevent losses resulting from monopolies and improper contracts which many merchants and artisans made in the Netherlands".
Article prohibits the abuse of dominant position such as price discrimination and exclusive dealing.