Egt1 Task 3 Essay

1165 words - 5 pages

A. Summarize the four major pieces of legislation collectively known as the Antitrust Laws.
Sherman Act of 1890- The resentment of trusts from the public that manifested in the 1870’s and 1880’s resulted in the Sherman Act of 1890. The core of the act is divided into two parts: In section 1 it states how every contract whether it’s combined in the form of a trust or scheme in control of trade or commerce among several states or with other nations is declared to be illegal. Section 2 simply states every person who monopolizes or even tries to monopolize or combine with conspiring with anybody that monopolizes any part of the trade or commerce among few of the states or with foreign nations shall be founded guilty and receive a felony. The Sherman act was against and prohibited all trade and monopolization. Presently the U.S. Department of Justice, the FTC better known as the Federal Trade Commission, wounded parties usually private, or state attorney generals can file antitrust suits against those who violate the act. The courts can issue injunctions to stop practices that are anticompetitive or if necessary break up those who monopolize into firms that compete. At one time it seemed that the Sherman Act was great and provided a strong foundation for positive government actions against business monopolies but it became clear later in the years that a more explicit statement of the government antitrust sentiments was needed.
The Clayton Act of 1914 – This act was constructed and contained the amplification of the Sherman Act that were desired by the government. The Clayton Act contains four parts that were constructed to strengthen and make precise the purpose of the Sherman Act. Section 2 talks about price discrimination when discrimination is not vindicated on the foundation of cost differences and when it cuts back competition. Section 3 talks about stopping tying contracts where a producer necessitate that buyers buy another one of its products as a stipulation for acquiring a desired product. Section 7 stops the possession of stocks of corporations that’s trying to compete when the conclusion would be less competition.
Federal Trade Commission Act of 1914 – is responsible for creating the five member Federal Trade Commission (FTC) which has mutual responsibilities with the U.S. Justice department for enforcing the antitrust laws. This act gives the FTC the power to scrutinize unfair competitive prices on its own or when injured firms request them to investigate. When complaints are made the FTC can hold public forums to discuss the issue. The FTC also has the power to issue cease and desist orders if they discover iniquitous methods of commerce in certain cases. In 1938 the Wheeler Lea Act was created. This amended the FTC with additional responsibilities of investigating illusory acts or practices in commerce.
The Celler-Kaufauver Act – is an act that amends the Clayton Act. This act forbids firms from trying to unite with cutthroat firms...

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