Antitrust law has a storied place in modern American history, where it allegedly allowed authorities to thwart big bad monopolies out to bilk and milk consumers. But many of these past victories are more hollow than historic lore lets on.
Take the iconic Standard Oil case, launched in 1906. The company would eventually be found guilty of abusing monopoly power in the petroleum industry. But while some of Standard Oil's practices may have harmed its competitors, they led to lower prices for consumers and a more efficient distribution process.
