Wealth Transfers as the Original and Primary Concern of Antitrust: The Efficiency Interpretation Challenged

This Article challenges the prevalent view that Congress enacted the Sherman, Clayton, and Federal Trade Commission Acts solely to enhance economic efficiency. Based on a reappraisal of the relevant legislative histories, the author concludes that Congress' primary goal in each instance was to prevent the formation of market power which could cause consumers to pay supracompetitive prices. This reflects an emphasis on wealth transfers as distinct from economic efficiency. The resolution of this issue will have a pivotal effect on the interpretation and application of the antitrust laws.