Antitrust

Antitrust is the body of United States law prohibiting certain restraints of trade, monopolization, and anticompetitive mergers. It is enforced through public prosecution and private lawsuits.

Sherman Antitrust Act: The 1890 federal law prohibiting contracts in restraint of trade and monopolization. Its Sections 1 and 2 supply the core prohibitions applied in antitrust cases.
Competition: Rivalry among suppliers or buyers seeking advantageous prices, quality, innovation, or other terms. Antitrust law evaluates whether conduct weakens this rivalry.
Merger control: Government review of mergers and acquisitions for likely harm to competition. It is the principal framework for assessing whether a proposed deal should be blocked or remedied.
Standard Oil Co. of New Jersey v. United States: A 1911 Supreme Court case applying the rule of reason to Sherman Act restraints and ordering Standard Oil's dissolution. It established a foundational framework for interpreting the Sherman Act.
Clayton Antitrust Act: The 1914 federal law addressing specified anticompetitive practices, mergers, and private enforcement. It targets conduct and acquisitions that may substantially lessen competition.
Relevant market: A defined set of products and geographic areas used to assess competitive effects. Market boundaries help measure market power and identify affected rivals.
Monopolization: The unlawful acquisition or maintenance of monopoly power through exclusionary conduct under U.S. antitrust law. It is the central Section 2 claim against dominant firms.
United States v. Aluminum Co. of America: A 1945 appellate decision articulating influential standards for monopoly power and monopolization. Its analysis shaped later disputes over acquiring and maintaining monopoly power.
Federal Trade Commission Act: The 1914 federal law establishing the Federal Trade Commission and prohibiting unfair methods of competition. It gives the FTC a distinct route to challenge conduct that violates competition norms.
Market power: The ability to profitably raise prices, reduce output, or worsen terms without losing enough business. Many antitrust claims turn on whether a firm can exercise this power.

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