Philosophies of competition policy.

This article examines major philosophies of competition policy, focusing on their three core components: enforcement intensity, scope, and focus. It contrasts the consumer welfare standard, which emphasizes economic outcomes such as price and output, with the competitive process standard, which centers on how market rivalry occurs. The article traces the historical development of American minimalism, associated with the Chicago School's emphasis on limited government intervention and consumer welfare, and American maximalism, including the New Brandeis Movement's call for stronger antitrust enforcement and broader regulatory goals. It also compares European competition law's evolution from a minimalist to a more statist approach, highlighting its focus on market integration, fairness, and process-based enforcement. The article concludes by recommending that competition agencies explicitly state their guiding philosophies to enhance transparency and consistency in enforcement.