Monopolistic competition

Imperfect competition (1933)

Or how it is more commonly reffered to - Monopolistic competition.
Before it, in economics, there we’re only two absolutes of describing competition - a perfect Utopian competition and the completely uncompetetive monopoly.
Most of the time in economics we’re preaching that perfect competition is the only way of handling the market, where a monopoly, same as, and even more prevelant today - is something that should be avoided in the greater interest of the consumer.
So why is that the last historical conglomorate anti-trust case was AT&T of 1982?

Edward Hastings Chamberlin | Pioneer and father of the term Monopolistic competition (1933)

The terminology I much rather prefer was coined by Joan Robinson | Mother of Imperfect competition (1933)