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Legal History Commons

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2009

Public Law and Legal Theory

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Antitrust

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The Neal Report And The Crisis In Antitrust, Herbert J. Hovenkamp Mar 2009

The Neal Report And The Crisis In Antitrust, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

The Neal Report, which was commissioned by Lyndon Johnson and published in 1967, is rightfully criticized for representing the past rather than the future of antitrust. Its authors completely embraced a theory of competition and industrial organization that had dominated American economic thinking for forty years, but was just in the process of coming to an end. The structure-conduct-performance (S-C-P) paradigm that the Neal Report embodied had in fact been one of the most elegant and most tested theories of industrial organization. The theory represented the high point of structuralism in industrial organization economics, resting on the proposition that certain ...