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It has been one hundred years since the end of the Progressive Era and twenty years since the Microsoft settlement. This twenty-year period has seen the rise of the Internet and a new set of dominant platforms, as well as increased consolidation in the brick-and-mortar world. Antitrust has become more permissive. This Essay examines both issues: (i) the potential legal difficulties in reining in exclusionary conduct by dominant platforms; and (ii) merger under-enforcement. This Essay argues that it is necessary to strengthen antitrust enforcement. Consolidation through mergers and exclusionary conduct by dominant firms can harm consumers and workers and reduce innovation. Digital networks are a particular concern because barriers to entry, which result from substantial network effects and economies of scale and scope, rise as platforms’ dominance is enhanced. While antitrust law in principle can evolve, new legislation would be a more rapid—and more certain—path to reform.

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Yale Law Journal Forum, Vol. 130, Pp. 563-587.