System Reshapes the Corporation: Joint Ventures in the Bay Area Rapid Transit System, 1962–1972
System Reshapes the Corporation: Joint Ventures in the Bay Area Rapid Transit System, 1962–1972
This chapter discusses joint ventures and how federal regulation shaped the contours of its growth in each decade following 1950. Joint ventures were less popular and very rare before 1950; companies only resorted to using them when a merger was prohibited—mostly by the complications of acquiring foreign technology or entering foreign markets. Their appearance beginning in 1950 was often within the technological frontier of the United States. In the energy industries, oil and gas companies formed joint ventures to build new pipelines or pool the risks of searching for new oil. In manufacturing, they helped firms pool production expertise or build plants of minimum efficient scales. However, most joint ventures only served to circumvent the Clayton Act, and in 1964, the Federal Trade Commission was successful in preventing these incidents via the Supreme Court decision in Penn v. Olin.
Keywords: joint ventures, federal regulation, merger, technological frontier, United States, Clayton Act, Federal Trade Commission, Supreme Court, Penn v. Olin
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