Competition, Effects and Predictability

Bruce Wardhaugh is a Senior Lecturer in Competition Law at the University of Manchester.

Introduction
I. The Effects-Based or ‘More Economic Approach’ to Antitrust2
II. The Organisation and Scope of this Book
III. What this Book is Not
1. The Rule of Law and Why it Matters
I. The Rhetorical Use and Abuse of ‘The Rule of Law’
II. The Rule of Law as a Normative Concept
III. The Rule of Law as a Positive Legal Principle
IV. Why the Rule of Law Matters
V. Conclusion
2. The Effects-Based Approach in the US: The Rule of Reason
I. The Early Background to Sherman Act Interpretation
II. Per Se Rules and the Limits to the Rule of Reason
III. The Renaissance of the Rule of Reason
IV. The Rule of Reason in Practice
V. The ‘Quick Look’ Approach
VI. The Type of Analysis Matters
VII. Effects, Rule of Reason and the Sherman Act Section 2
VIII. Conclusion
3. The Effects-Based Approach in the EU: The More Economic Approach
I. The Pre-MEA Understanding of Articles 101 and 102
II. The Shift to the More Economic Approach
III. The More Economic Approach
IV. Conclusion 3
4. Economics and the Effects-Based Approach
I. The Economics of the Effects-Based Approach
II. The Challenge of Behavioural Economics
III. The Behavioural Challenge to Antitrust
IV. Conclusion
5. Institutional Legitimacy and Competence
I. The Reorientation of Antitrust
II. The Rule of Law and Institutional Competency
III. Conclusion
6. Commercial and Legal Certainty
I. Precedents, Stability and the Need for Change
II. Rules, Standards and Legal Certainty
III. Conclusion
Conclusion: Putting the Rule of Law Back into Antitrust