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The Rule of Reason, which has come to dominate modern antitrust law, allows defendants the opportunity to justify their conduct by demonstrating procompetitive effects. Seizing the opportunity, defendants have begun offering increasingly numerous and creative explanations for their behavior. But which of these myriad justifications are valid? To leading jurists and scholars, this has remained an "open question," even an "absolute mystery." Examination of the relevant case law reveals multiple competing approaches and seemingly irreconcilable opinions. The ongoing lack of clarity in this area is inexcusable: procompetitive-justification analysis is vital to a properly functioning antitrust enterprise. This Article provides answers and clarity. It identifies the market failure approach to analysis as doctrinally correct and economically optimal. The leading alternatives pose an unacceptably high risk of error, in the form of both false positives and false negatives. Most importantly, the Article identifies the proper, three-step method for assessing procompetitive justifications. This three-step analytical framework increases transparency and rigor, minimizes errors, and maximizes welfare.

Frontmatter -- Contents -- Acknowledgments -- Introduction -- PART I. THE POLITICAL CONTEXT -- Vietnam. An Episode in the Cold War -- A Way of Thinking. The Kennedy Administration s Initial Assumptions about Vietnam and Their Consequences -- From the Colorado to the Mekong -- Hanoi's Response to American Policy, 1961-1965. Crossed Signals? -- PART II. THE MILITARY CONTEXT -- The Zen of Escalation. Containment and Commitment in Southeast Asia -- Conspiracy of Silence: LBJ, the Joint Chiefs, and Escalation of the War in Vietnam -- PART III. KENNEDY AND JOHNSON -- Lyndon Johnson and the Legacy of Vietnam -- The Kennedy-Johnson Transition. The Case for Policy Reversal -- NSAM 263 and NSAM 273. Manipulating History -- PART IV. THE SOVIET DIMENSION -- Turnabout? The Soviet Policy Dilemma in the Vietnamese Conflict -- Contributors -- Index