The antitrust consent decree is a major weapon used by the federal government to enforce antitrust laws. In the past, consent decrees have been wielded aggressively to dissolve major corporations and to change the business practices of entire industries. In his new book Antitrust Consent Decrees in Theory and Practice (AEI Press, 2007) Richard A. Epstein, a professor at the University of Chicago Law School, examines the history of antitrust consent decrees and finds that broad, ambitious decrees tend to produce more harm than good. Antitrust decrees, Epstein argues, should be carefully tailored to redress specific, identified violations of the law. The courts’ decrees in the Microsoft case, Epstein contends, fit that description and mark a welcome departure from the excesses of the past.

On May 16, Epstein will present his findings at AEI. A. Douglas Melamed, an antitrust attorney at WilmerHale with extensive practical experience in antitrust enforcement, will comment.