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2022 Colum. Bus. L. Rev. 1 (2022)

handle is hein.journals/colb2022 and id is 1 raw text is: INTRODUCTION
TIME FOR A NEW SHERMAN ACT? THE
DEBATE ON ANTITRUST REFORM IN
HISTORICAL PERSPECTIVE
William H. Rooney and Timothy G. Fleming*
I. In trodu ction ..................................................................... . 1
II. Early Criticisms of the Sherman Act and the
Development of the Rule of Reason ............................. 7
III. The Pre-Consumer Welfare Era: Is Mere Size a
V iolation ?.................................................................... . .  13
A. The  Alcoa  Decision..............................................  14
B. The Brown Shoe Decision and Its Progeny ...... 17
IV. The Arrival of the Consumer Welfare Standard ......20
V. Back to the Future with the New Brandeis Movement?.28
VI. Proposals To Amend Antitrust Law ........................... 33
VII. Conclusion......................................................................41
I. INTRODUCTION
Not long after the Sherman Antitrust Act (Sherman Act
or Act) became law, lawyers, scholars, and politicians began
*The authors gratefully acknowledge the assistance of Veronica Bognot,
Adriana Morton, and Colin Lee, law clerks at Willkie Farr & Gallagher LLP.
The authors prepared this Introduction in connection with the 2021 William
Howard Taft Lecture. This Introduction represents the tentative thoughts
of the authors and should not be construed as the position of any other
person or entity. This Introduction is provided for news and informational
purposes only and does not take into account the qualifications, exceptions,
and other considerations that may be relevant to particular situations.
Nothing contained herein constitutes, or is to be considered, the rendering
of legal advice, generally or as to a specific matter, or a warranty of any
kind. Readers are responsible for obtaining legal advice from their own legal
counsel. The authors disclaim liability for any errors in, or any reliance
upon, this information.

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