American Oligarchy: How the Enfeebling of Antitrust Law Corrodes the Republic

In this note, I will argue that the current antitrust framework is misguided and based on erroneous legal and economic theories originating from the Chicago School. I will argue that the neoclassical approach is not only wrong when examining the legislative intent of Congress but is also in contravention with the policy goals and foundational principles of antitrust law. Furthermore, I will argue that the Chicago School’s narrow, outcome-based view of antitrust is ill-equipped to deal with the demands of the twenty-first century and especially with the online marketplace. The tech giants are unprecedented in their scale, and the online markets that they dominate are still in their infancy. The internet was not contemplated when antitrust laws were drafted and certainly not during the time of the Chicago School. That is why it is so critical to examine the original intent of the Sherman Act and its progeny, in order to accurately respond to the titanic power of these companies