Abstract
Abstract In this paper, we reconsider the rationale used to justify a complaint filed by the U.S. Department of Justice regarding the acquisition of a cottonseed company by an agricultural biotechnology company. With the benefit of hindsight, we show that the competitive assessment overlooked significant market developments that were altering the competitive position of the firms under investigation. This review is intended to raise awareness of the complexities of enforcing antitrust policy in a dynamic environment, with a special emphasis on agricultural markets. We argue that antitrust analysis should incorporate a process view of competition to better account for present market dynamics and the everchanging competitive environment.