In July 2021 President Biden issued a landmark Executive Order on Competition. “The heart of American capitalism,” the President explained, “is a simple idea: open and fair competition.” But he also warned that “capitalism without competition isn’t capitalism; it’s exploitation.” [1] He stressed that competition challenges ripple across our economy, harming not just “consumer welfare,” which is the touchstone of the Chicago School of antitrust that focuses on output and consumer prices, but farmers, workers, and small businesses as well— our economic growth and competitiveness. Specifically, the Executive Order called on the federal antitrust enforcement agencies—the Antitrust Division of the Department of Justice (“DOJ”) and the Federal Trade Commission (“FTC”)—to fully and vigorously enforce
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The US DOJ signals tougher enforcement of antitrust law and a more aggressive pursuit of criminal charges
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