Question

Outlook: National careers and their future. Mention “antitrust”

Answer 1

                                                   Antitrust laws are regulations that monitor the distribution of economic power in business, making sure that healthy competition is allowed to flourish and economies can grow. Antitrust laws apply to nearly all industries and sectors, touching every level of business, including manufacturing, transportation, distribution, and marketing.

• Antitrust laws were designed to protect and promote healthy competition within all sectors of the economy.
• The Sherman Act, the Federal Trade Commission Act and the Clayton Act are the three pivotal laws in the history of antitrust regulation.
• Today, the Federal Trade Commission, sometimes in conjunction with the Department of Justice, is tasked with enforcing federal antitrust laws.

Antitrust laws are the broad group of state and federal laws that are designed to make sure businesses are competing fairly. Supporters say antitrust laws are necessary for an open marketplace. Competition among sellers gives consumers lower prices, higher-quality products and services, more choice, and greater innovation. Opponents argue allowing businesses to compete as they see fit would ultimately give consumers the best prices.

The Sherman Act, the Federal Trade Commission Act, and the Clayton Act are the key laws that set the groundwork for antitrust regulation. Predating the Sherman Act, The Interstate Commerce Act was also beneficial in establishing antitrust regulations, although it was less influential than some of the others. Congress passed the Interstate Commerce Act in 1887. Designed to deregulate the railroads, it said that the railroads must charge a fair fee to travelers and must post those fees publicly, among other requirements. It was the first example of antitrust law but was less influential than the Sherman Act, passed in 1890. The Sherman Act outlawed contracts and conspiracies restraining trade and monopolizing industries. In 1914, Congress passed the Federal Trade Commission Act, banning unfair competition methods and deceptive acts or practices. In 2019, the Federal Trade Commission, or FTC, is a federal agency in charge of enforcing federal antitrust laws. The Clayton Act was also passed in 1914, addressing specific practices the Sherman Act does not ban.

Antitrust laws prohibit a number of business practices that restrain trade. Examples of illegal practices are price-fixing conspiracies, corporate mergers that are likely to cut back the competitive fervor of certain markets, and predatory acts designed to gain or hold on to monopoly power.