SPECIAL-INTEREST-GROUP PERSPECTIVE BEFORE AND AFTER THE CLAYTON AND FEDERAL-TRADE-COMMISSION ACTS

The performance of prices and output is explored for the period 1904-1 925, the 11 years before and after passage of the Clayton and Federal Trade Commission Acts (hereinafter Clayton-FTC Acts) in the USA in 191 4, and compared with performance for 1890-1901, the Ii-year period pri or to and following the passage of the Sherman Act. While proponents o f the Sherman Act and the Clayton-FTC Acts claim that they serve the p ublic interest, the empirical results suggests that they appear as sus ceptible to the influence of special-interest groups as any other publ ic policy.