Antitrust 1 Prof. E. Fox Fall 2004 1 I. Introduction to Antitrust Law 4 a. General Background 4


Standard Oil Co. v. U.S. (CJ. White, 1911)



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Standard Oil Co. v. U.S. (CJ. White, 1911)

  1. Birth of the Rule of Reason


  • S.Ct. considered this case from the point of view of consumers and the excluded competitors;
    reflects the functional approach of the Taft administration

  • Holding: unreasonable restraints of trade are illegal; must apply Rule of Reason

  • §1 prohibits theoretical attempts to monopolize;

  • Sherman Act was intended to evolve w/changing economic realities; reflects acceptance of laissez-faire economics; lack of express definition requires judicial application to specific facts  not all contracts, combinations or conspiracies will amount to a violation of §1
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