By Dudley H. Chapman
This revisionist analysis of antitrust history and policy argues that a practical government policy, not a doctrinaire and unrealistic set of rules, is necessary to preserve competition. Economic theories, such as the "Chicago school," that promulgate unfettered competition and identify consumer welfare as the primary objective of antitrust policy, far from being scientifically valid, are an intellectual scandal. Antitrust policy in this country has been flawed from the outset by historical misperceptions, market malfunctions and misguided teaching of economic theory. The author proposes that we look to Europe as a model for effective antitrust policy and legislation.