A New View of Antitrust Law That Favors Workers
Why the Chicago School (of all places) is looking askance at mergers and monopolies.
A new theory of bigness.
Photographer: Shobeir Ansari/Moment RF via Getty Images
In the last half-century, the most innovative work in antitrust law came from the University of Chicago. According to the Chicago School, led by the legendary economist Aaron Director and promoted by law professor Robert Bork, the goal of antitrust law should be to increase consumer welfare, not to combat bigness as such.
Chicago School proponents often argued in favor of government restraint. In their view, uses of the antitrust law to prevent mergers, or to break up large companies, often do more harm than good. Their arguments have had a major influence on both regulators and courts, frequently promoting a “hands off” attitude in the face of growing concentrations of economic power.