Content, Controversy, and Control: Politics and the Evolution of Antitrust Enforcement

Recent history of antitrust enforcement is often explained through the rise in the influence of economic efficiency. This history is better understood as evolution among three enforcement conceptions. Until the mid-1960s, the emphasis was advocacy, zealous prosecution to produce just outcomes. By the mid-1970s enforcement practice tended to follow academic standards. The 1980s saw a shift toward a democratic motivation guided by elected officials or appointees. Each conception both possesses philosophical legitimacy and generates rewards to proponents; both are necessary for a conception's adoption and success. We describe this policy evolution, concluding with observations on its merits and reversibility.