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Egt 1 Task 3 Essay

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EGT 1 Task 3

A. 1. The Sherman Act, 1890: This act was brought on by public pressure on legislators because of resentment in trusts and their business practices from the 1870’s through the 1890’s. The Sherman Act addressed two major components of anti-trust. First it prohibited conspiracies to restrain trade, and secondly it outlaws monopolization. If a firm was found guilty of violating any of the provisions of the Sherman Act they could be given punishments of; ordering to be dissolved by the courts, fines or imprisonment, prohibited from engaging in unlawful practices, and injured parties were allowed to sue for triple damages. The Sherman Act is considered the cornerstone for the anti-trust laws. (McConnell, Brue & Flynn, 2011) 2. Clayton Act, 1914: The Clayton Act expanded on the Sherman Act to be more specific in certain areas and make the Sherman Act stronger. The Clayton Act was enacted to help outlaw techniques that companies might use to become a monopolistic power and control market share. The Sherman Act was not specific enough in certain areas and businesses were looking for more specific answers as to what was and what wasn’t illegal as far as certain practices. The Clayton Act strengthened the Sherman Act in four specific ways; it made price discrimination illegal, the tying of contracts became forbidden, it also prohibits the acquisition of stocks of competing companies to lessen competition, and fourth it prohibits the forming of interlocking directorates. (McConnell, Brue & Flynn, 2011)

3. Federal Trade Commission Act, 1914: The Federal Trade Commission Act created the five member Federal Trade Commission, also known as the FTC. This act was brought into law to enforce the anti- trust laws and the Clayton Act. The FTC is charged with investigating unfair competitive business practices on its own or by request from injured firms. The FTC has joint responsibility with the US Justice Department for enforcing anti- trust laws, and can issue...

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