Antitrust is in one of its periodic states of decline. Historically, it has rebounded from these valleys to rise to even higher peaks of enthusiastic public and political popularity. The first period of substantial antitrust activity began 15 years after the passage of the Sherman Act, and lasted into the 1920s. The Great Depression saw antitrust at its lowest, followed by Thurman Arnold's aggressive tenure, but World War II was hardly a period of great antitrust enthusiasm. The 1950 Celler-Kefauver amendment to section 7 began the golden age of antitrust, a period that lasted until the middle 1970s. So far, each rebound has resulted in broader and more vigorous antitrust enforcement efforts.
The End of Antitrust—Or a New Beginning?, 31 Antitrust Bull. 301 (1986)