Senate Bill No. II and Antitrust Policy

The history of the judicial interpretation of the Sherman Act' is a history of the legislative process working through the mechanisms of the judicial process. Starting with an act phrased in the most general of terms, nearly seventy years of judicial administration have developed a system of interdependent postulates analogous to legislative norms. None of these postulates can be considered as prevailing over all others. But the binding thread of the Sherman Act is the proposition that the market shall be dynamic, manifesting sufficient energy through price competition by the organizations participating in the market to ensure that the advances of technology will be constantly passed on to buyers.