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On October 20, I published another op-ed in the Wall Street Journal. I argued that contrary to a widespread meme in antitrust circles, there is little evidence that great antitrust cases of the twentieth century had the salutary effects claimed for them. Markets were in fact shaped by the capabilities and constraints of the firms involved, and they would have evolved in much the same ways had the antitrust suits never been filed. In many cases, antitrust verdicts merely called for actions that firms like IBM were already planning to take. |