We protect competition:

you protect competitors

Abstract

It is often said that antitrust law protects competition and consumers; it does not protect competitors. It is further argued
that, when particular conduct or a transaction does not exploit consumers, antitrust enforcement against it protects competitors from competition. This was the rhetoric in the aftermath of GE/Honeywell, a merger cleared by the American authorities and prohibited by the European authorities. A chorus of American critics said of the European Commission: You protect competitors; we protect competition. This essay examines the conclusion that if conduct or a transaction is not output-limiting and exploitative of consumers, it must be efficient and antitrust action against it protects competitors.