An ambitious new antitrust playbook could reshape our economy — or completely backfire.
Against this backdrop, the newly proposed merger guidelines read a lot like a strategic public lobbying effort — a bid to will into existence an expansive and enforcement-friendly legal framework that modern courts have not endorsed either in the particulars or in broad strokes, and whose wisdom as a matter of domestic economic policy is open to serious question.
are so opposed to business combinations on grounds of political ideology that they are almost totally indifferent to the ways in which ordinary Americans might benefit from transformation in the modern economy.change in the draft guidelines is that they appear to silently abandon the modern lodestar of antitrust analysis — the so-called consumer welfare standard — which has guided merger enforcement policy for decades and has served as a central governing principle for regulators and courts.
The first proposed guideline, for instance, proposes a small number of presumptions that would allow regulators and the courts to block a broad array of proposed mergers regardless of their effects on consumers — even if consumers stood to gain from lower prices. One of them is that a merger that creates a firm with a market share of over 30 percent presents too great a threat of undue concentration regardless of the overall state of the market.
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