A dreary debate has occupied the antitrust community over the past 25 to 30 years. The debate is a more elegant, scholarly version of the commercials for Miller Lite beer that ran during much of the same period. In the beer commercials, one group of modestly recognizable celebrities and personalities of the day shouted "Tastes great" while the opposing group shouted "Less filling." This was the extent of the debate. The antitrust equivalent of this debate involves distinguished academics and policymakers arguing whether antitrust law and policy should be "more efficient" or should incorporate "greater fairness." Both schools of thought have enjoyed their periods of supremacy. The more economically oriented efficiency camp, normally dubbed "The Chicago School," has reigned supreme since the mid-1970s as its narrower version of antitrust policy has been adopted by the Supreme Court, has been relied upon by the Reagan and Bush administrations, and has persuaded the majority of commentators. Today, that ascendancy is in jeopardy as the politics of the Clinton administration, new economic theories, and the globalization of the economy have led to actions more in line with the preferred outcomes, if not the reasoning, of the beleaguered fairness advocates.