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Abstract

This article reports an examination of the government's case in United States v. Corn Products Refining Co., one of the principal antitrust suits brought by the Justice Department in response to the great merger wave of 1895 to 1905. Although several writers have considered the facts in Corn Products a clear illustration of the use of unlawful predatory tactics by a dominant firm to exclude and intimidate its competitors, a study of the transcript of record, guided by contemporary economic theory, does not support that interpretation of the Corn Products Refining Company's conduct from 1906 to 1912. That conclusion has implications not only for theories of predatory pricing in American industry but also for current legal doctrines relating to such trade practices.

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