Abstract

Drawing from Giuliano Amato's "Antitrust and the Bounds of Power", Professor Fox poses the dilemma of antitrust and globalization - We may applaud liberalization for tearing down government barriers and increasing economic freedom and opportunity, but we may fear globalization for unleashing private power. To harness the new forces of private power, we may need to do so on a global scale; but if we do so on a global scale we may create unaccountable public power. The controversy surrounding the Chicago School can be seen also in these terms. In the United States in the 1970s and 1980s, Chicago School claimed that we had passed the permissable bounds of public power. But the minimization of US antitrust law unleashed illegitimate private power and produced the post Chicago response. The challenge for the 21st Century is to seek a new equilibrium that has proper regard for both bounds of power.