The Objective Standard Blog

Monday, February 2, 2009

The Monopoly Myth: The Case of Standard Oil

Posted by ARC Media at 6:56 pm

Who: Alex Epstein, analyst at the Ayn Rand Center for Individual Rights

What: “The Monopoly Myth: The Case of Standard Oil” In this talk Epstein argues against antitrust law by illustrating the case of Standard Oil’s legal and moral rise to market dominance. A Q&A will follow.

Where: Zumberge Hall, Room 353 (ZHS 352)

Exposition Blvd and Trousdale Way, Los Angeles, CA 90089

When: Thursday, February 5, 2009, at 7:30 pm.

For maps and directions, click here: http://web-app.usc.edu/maps/

Description: Most of us were taught in school that laissez-faire capitalism was tried in the 1800s—and failed. Without government regulations and antitrust law, we learned, businessmen used "anti-competitive" tactics to become giant, unchallengeable monopolies. The most famous monopoly was John D. Rockefeller’s Standard Oil Trust, which supposedly used its "market power" to squelch innovative competitors and jack up consumer prices at will.

But did this really happen? Did laissez-faire really fail? No, argues Alex Epstein of the Ayn Rand Center. In "The Monopoly Myth: The Case of Standard Oil," Epstein will tell the real story of Rockefeller’s rise to market dominance—and explain how his success was the result not of shady practices, but of his company’s incredible ability to bring the cheapest, best oil to millions of Americans.

Epstein will argue that the case of Standard Oil raises many questions about Americans’ commonly held beliefs on monopolies, competition and government. Is antitrust law really necessary to protect us against monopolies and promote competition? Was the government right to punish Microsoft for "monopolization," and is it justified in investigating Google and Yahoo for "anti-competitive" behavior? Epstein will address these questions and more in his 45-minute talk, followed by a question-and-answer period.

Admission: FREE. Open to students and the public

Bio: Alex Epstein has a BA in philosophy from Duke University and is an analyst focusing on business issues at the Ayn Rand Center for Individual Rights.

For more information on this talk, please e-mail Sarah Jenevein at uscobjectivists@gmail.com.

Please note: The above event is organized, hosted and sponsored by an individual campus club. Although ARI provides financial support, educational materials and speakers for eligible student clubs, campus clubs are organizations independent of ARI.

Copyright © 2009 Ayn Rand® Center for Individual Rights. All rights reserved.

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