Compare and contrast the Chicago and Harvard Schools' approaches to antitrust policy

What will be an ideal response?

The Chicago School approach to antitrust policy includes the following features:
a. Sole criterion for formulating antitrust policy is efficiency: the maximization of consumer welfare.
b. Enforce the antitrust statutes rigorously and increase the criminal penalties in most areas of antitrust.
c. Encourage joint ventures between the United States and foreign multinationals without requiring government approval.

The Harvard School approach to antitrust policy includes the following features:
a. Several criteria, including (a) preservation of many buyers and sellers in the economy, (b) prevention of concentration of political and economic power, (c) preservation of local control of business and prevention of dislocation of labor markets, and (d) efficiency of markets.
b. Decriminalize many offenses, including vertical restraints of trade and monopolies.
c. Allow joint ventures but retain strict oversight by the Justice Department and Federal Trade Commission to prevent worldwide concentration and division of global markets by multinationals.