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2022 Colum. Bus. L. Rev. 1 (2022)

handle is hein.journals/colb2022 and id is 1 raw text is: INTRODUCTION TIME FOR A NEW SHERMAN ACT? THE DEBATE ON ANTITRUST REFORM IN HISTORICAL PERSPECTIVE William H. Rooney and Timothy G. Fleming* I. In trodu ction ..................................................................... . 1 II. Early Criticisms of the Sherman Act and the Development of the Rule of Reason ............................. 7 III. The Pre-Consumer Welfare Era: Is Mere Size a V iolation ?.................................................................... . . 13 A. The Alcoa Decision.............................................. 14 B. The Brown Shoe Decision and Its Progeny ...... 17 IV. The Arrival of the Consumer Welfare Standard ......20 V. Back to the Future with the New Brandeis Movement?.28 VI. Proposals To Amend Antitrust Law ........................... 33 VII. Conclusion......................................................................41 I. INTRODUCTION Not long after the Sherman Antitrust Act (Sherman Act or Act) became law, lawyers, scholars, and politicians began *The authors gratefully acknowledge the assistance of Veronica Bognot, Adriana Morton, and Colin Lee, law clerks at Willkie Farr & Gallagher LLP. The authors prepared this Introduction in connection with the 2021 William Howard Taft Lecture. This Introduction represents the tentative thoughts of the authors and should not be construed as the position of any other person or entity. This Introduction is provided for news and informational purposes only and does not take into account the qualifications, exceptions, and other considerations that may be relevant to particular situations. Nothing contained herein constitutes, or is to be considered, the rendering of legal advice, generally or as to a specific matter, or a warranty of any kind. Readers are responsible for obtaining legal advice from their own legal counsel. The authors disclaim liability for any errors in, or any reliance upon, this information.