I. Introduction, 437. — II. A jurisprudential hypothesis, 438. — III. The emphasis on form in the antitrust laws, 438. — IV. Significance of the stress upon form; the implied norms, 444. — V. The revolt against formalism; oligopoly anticipated, 449. — VI. The revolt against formalism; oligopoly recognized, 453. — VII. Conclusions, 463.