<i>American Express</i>, the Rule of Reason, and the Goals of Antitrust

I. Introduction II. The Debate over the Consumer Welfare Standard III. Applying the Rule of Reason ... A. The General Framework ... B. Step One ... C. Muddying the Waters ... D. The Bottom Line: An Analytical Mess IV. The Rule of Reason and Multi-Sided Platforms V. Missing in Action: The Consumer Welfare Standard VI. Conclusion