Abstract
T HE immediate postwar British government was convinced not only that a portion of the economy should be nationalized but also that the private sector should be made more competitive. Private monopoly was accused of decreasing the level of employment by distorting the distribution of income and of limiting British exports by fostering inefficiency of production. Increased competition, it was argued, would contribute significantly to the achievement of full employment and to the solution of the problems of international trade. Among the expected benefits of competition, these two were dominant. This postwar conviction led to the passage of the Monopolies Act in 1948,2 which, unlike the Sherman Act, made nothing illegal, but instead established an investigatory commission. The commission is to investigate cases of suspected monopoly, referred to it by the Board of Trade, to determine whether an industry's performance is in the undefined public interest.
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