By Phyllis Deane; Jessica Kuper
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Extra info for A Lexicon of economics
No such presumption operates against monopolies or proposed mergers, but cases may be referred under the Fair Trading Act (1973) to the Monopolies and Mergers Commission which advises on broad economic grounds whether such arrangements operate or may be 14 ANTITRUST LEGISLATION expected to operate against the public interest. Where it finds this to be so, the government has powers of remedial action. The legislation in the European Economic Community lies between these poles. Under Article 85 of the Treaty of Rome, all agreements and concerted practices restricting competition within the common market are prohibited as ‘incompatible with the common market’, and Article 86 prohibits ‘any abuse by one or more undertakings of a dominant position within the common market…’.
A. (1939), Business Cycles. See also: accelerator principle; financial crises; stagflation . Shove. Sraffa, who committed ‘the sacrilege of pointing out inconsistencies in Marshall’, as Joan Robinson put it. Kahn, Joan Robinson developed these inconsistencies into a 1933 book which launched the ‘Imperfect Competition Revolution’. Meade, an Oxford visitor who eventually succeeded Robertson), Keynes himself challenged the established views of Marshall and Pigou in his revolutionary General Theory.
Neither can a country be indifferent to the international value of its currency. Widely fluctuating exchange rates may adversely affect international trade. A rapidly depreciating currency, which raises the domestic price of imports, can be highly inflationary, which necessitates further depreciation, and so on. BANKING 23 In considering measures to adjust the balance of payments, therefore, it is highly desirable that countries should focus on the current account if they are concerned with the functioning of the real economy, and (if in deficit) wish to avoid turbulent exchange rates round a declining trend.
A Lexicon of economics by Phyllis Deane; Jessica Kuper