Intentional and Evolutionary Visions of U.S. Antitrust Law

Subbu Kumarappan, Michigan State University

Abstract

This teaching module shows how U.S. antitrust laws are affected by ‘intentional' and ‘evolutionary' visions of socio-economic market processes. The extent of government's role is studied to review whether the U.S. antitrust laws should be strengthened, reformed or repealed. The focus of Chicago (and Austrian) school is discussed: ‘antitrust laws should promote and enhance the trio of -- consumer welfare, competition process, and dynamic (productive and allocative) efficiency.’

The role of U.S. antitrust laws in a globalized world and the need for universal law are mentioned. The economic reasons used to rule in U.S. antitrust enforcement since the 1890s are provided in a tabular format for easy use in the classrooms. Teaching tips are provided on how to use the material in classroom discussion and assessments.