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62 N.Y.U. L. Rev. 936 (1987)
Antitrust--Retrospective and Prospective: Where Are We Coming from--Where Are We Going

handle is hein.journals/nylr62 and id is 952 raw text is: ANTITRUST-RETROSPECTIVE AND
As antitrust enters the final years of its first century, we take stock.
What are the origins of the law? Where is it now, and where is it going?
What pressing questions will antitrust address as it enters its second cen-
tury? Will it be equal to the task?
Such an assessment of antitrust requires a response to its critics.
There are those who see antitrust law as overshadowed by world compe-
tition or laid to rest by Chicago School economics. We do not. Anti-
trust, like other aspects of economic law, has always been influenced by
cohesive as well as ad hoc economic and political theories. Because
views have varied, changed, and developed over time, antitrust is infused
with tension. It is out of such tension that traditional antitrust law has
grown and developed, enriched by insights of both its critics and support-
ers. This developmental process has not been one of sharp swings from
one extreme view to another; rather, it has involved case-by-case adapta-
tion to new or ascendant insights, to new situations, and to new forms
and pressures of competition. As long as this mode of cautious change is
maintained, antitrust will enter its second century equipped to deal with
the problems that will confront it.
Antitrust law's persistent strength flows from two sources. First,
unlike some commentators and a few judges who seek to remake the
antitrust law, most courts that apply the antitrust laws have not forgot-
ten what the body of law is about. Antitrust is rooted in a preference for
pluralism, freedom of trade, access to markets, and freedom of choice.
All of these values contribute to the laws' summarizing norm-a com-
mitment to the maintenance of competitive process.1 Second, the law
* Professor of Law, New York University. A.B., 1956, Vassar College; LL.B., 1961, New
York University. The Filomen D'Agostino and Max E. Greenberg Research Fund generously
provided research support, and C. Peck Hayne provided valuable research assistance.
** Earl Warren Professor of Public Law, Boalt Hall School of Law, University of Califor-
nia, Berkeley. B.A., 1948, University of California, Los Angeles; J.D., 1951, Harvard
1 See, e.g., H. Thorelli, The Federal Antitrust Policy: Origination of an American Tradi-
tion 108-63 (1954); Letwin, Congress and the Sherman Antitrust Law: 1887-1890, 23 U. Chi.

Imaged with the Permission of N.Y.U. Law Review

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