Antitrust: history and policy.

Early enforcement of Sherman.

nE. C. Knight demonstrated that Sherman applied only to cartels not holding companies.

nAddyston Pipe demonstrated that the Court would in fact enforce Sherman against cartels.

nMore than 1800 firms disappeared in mergers and acquisitions.

nMajor trusts formed.

Did antitrust enforcement trigger the “great merger wave” of 1898-1902?

See George Bittlingmayer, “Did Antitrust Policy Cause the Great Merger Wave?” Journal of Law and Economics 28: 77-119 (1985).