Thirteen Sets of Observations/Recommendations Pertinent to the Revision of the DOJ/FTC (M&A) Guidelines.

This article focuses on improving the legal accuracy and moral desirability of applying the Sherman Act and Clayton Act to mergers and acquisitions (M&A) in the United States. It critiques current market-based approaches as inherently arbitrary and unconstitutional, proposing non-market-oriented protocols to assess M&A legality based on specific anticompetitive intent (Sherman Act) and lessening competition (Clayton Act). The article distinguishes between price competition and investment competition impacts of M&A, analyzes various types of oligopolistic pricing, and addresses buyer power and vertical, horizontal, and conglomerate mergers. It further integrates normative ethical frameworks—particularly a liberal conception of justice and egalitarian conceptions of the moral good—to evaluate antitrust policies, emphasizing the complexity of balancing economic efficiency, legal standards, and moral considerations in antitrust enforcement.