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Rule of reason
The
rule of reason
is a
legal doctrine
used to interpret the
Sherman Antitrust Act
, one of the cornerstones of
United States antitrust law
. While some actions like
price-fixing
are considered
illegal per se
,
other actions, such as possession of a
monopoly
, must be analyzed under the rule of reason and are only considered illegal when their effect is to unreasonably
restrain trade
.
William Howard Taft
, then Chief Judge of the
Sixth Circuit Court of Appeals
, first developed the doctrine in a ruling on
Addyston Pipe and Steel Co. v. United States
,
which was affirmed in 1899 by the
Supreme Court.
The doctrine also played a major role in the 1911 Supreme Court
case
Standard Oil Company of New Jersey v. United States
.
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