REFLECTIONS OF CHICAGO SCHOOL ON ANTI TRUST (Pages 171-177) by Mr. Rakesh Kumar Sehgal in THE INTERNATIONAL MANAGER / ISSN: 2348-9413 (Online); 2348-9405 (Print)

Legal Regulation of Economic enterprises to address concentration and market power is a dynamic concept with voices of lesser regulations/ deregulations by Regulatory and Government and more particularly in field of Antitrust laws is gaining momentum. A fair trade regime being the aim to achieve public policy objectives of Consumer Welfare, Consumer sovereignty; the application of antitrust laws has been a cause célèbre. While certain restraints and business practices were and are considered perse illegal; some practices are being subjected to rule of reason. The application of legal standards in antitrust interventions has been guided by underpinnings of Chicago School which moved from deconcenteration of market power to laissez faire for addressing consumer sovereignty. The application of extant doctrines including Harvard intend to address and provide for a referral point for adjudication and enforcement of antitrust laws; there is a need to work towards normative standards as the public policy areas which antitrust laws tend to regulate through legal interventions measures are oscillating due to business practices shrouded by obscurity Keywords: Fair trade, Chicago School of thought, Harvard school, deregulation, consumer welfare, competition ,consumer sovereignty, antitrust laws, legal standards etc.