antitrust laws in the united states quizlet
United States antitrust law is a collection of federal and state government laws, which regulates the conduct and organization of business corporations, generally to promote fair competition for the benefit of consumers.irst, since the Clayton Act 1914 §6, there is no application of antitrust laws to agreements between employees to form or act in labor unions. This was seen as the Bill of Rights for labor, as the Act laid down that the labor of a human being is not a commodity or article of commerce. The law directs itself not against conduct which is competitive, even severely so, but against conduct which unfairly tends to destroy competition itself. Sen. John Sherman (R – OH), the principal author of the Sherman Antitrust Act. The Sherman Antitrust Act (Sherman Act, 26 Stat. 209, 15 U.S.C.§§ 1 – 7) is a landmark federal statute in the history of United States antitrust law (or  competition law ) passed by Congress in 1890.he law directs itself not against conduct which is competitive, even severely so, but against conduct which unfairly tends to destroy competition itself. Sen. John Sherman (R – OH), the principal author of the Sherman Antitrust Act. The Sherman Antitrust Act (Sherman Act, 26 Stat. 209, 15 U.S.C. A: Antitrust laws-also referred to as competition laws - are statutes developed by the U.S. Government to protect consumers from predatory business practices by ensuring that fair competition exists in an open-market economy.: Antitrust laws-also referred to as competition laws - are statutes developed by the U.S. Government to protect consumers from predatory business practices by ensuring that fair competition exists in an open-market economy. The United States Supreme Court summarized why Congress authorized private antitrust lawsuits in the case Hawaii v. Standard Oil Co. of Cal. , 405 U.S. 251, 262 (1972): Every violation of the antitrust laws is a blow to the free-enterprise system envisaged by Congress.This system depends on strong competition for its health and vigor, and strong competition depends, in turn, on compliance with antitrust legislation.irst, since the Clayton Act 1914 §6, there is no application of antitrust laws to agreements between employees to form or act in labor unions. This was seen as the Bill of Rights for labor, as the Act laid down that the labor of a human being is not a commodity or article of commerce. It was the first Federal statute to limit cartels and monopolies, and today still forms the basis for most antitrust litigation by the United States federal government. However, for the most part, politicians were unwilling to refer to the law until Theodore Roosevelt's presidency (1901-1909).n independent agency of the United States government, established in 1914 by the Federal Trade Commission Act. Its principal mission is the promotion of consumer protection and the elimination and prevention of anti-competitive business practices, such as coercive monopoly. The first major antitrust law was the 1890 Sherman Act, which prohibited monopolies, as well as contracts, combinations, trusts, and behaviors that resulted in unreasonable restraint of trade.. However, the law was not specific on what constituted restraint of trade.resident Woodrow Wilson strengthened the U.S. antitrust regime in 1914 with the Clayton Antitrust Act and the creation of the Federal Trade Commission (FTC). The Sherman Anti-Trust Act of 1890 (15 U.S.C.A. § 1 et seq.) is the basis for antitrust law, and many states have modeled their own statutes upon it. As weaknesses in the Sherman Act became evident, Congress added amendments to it at various times through 1950.he Sherman Anti-Trust Act of 1890 (15 U.S.C.A. § 1 et seq.) is the basis for antitrust law, and many states have modeled their own statutes upon it. As weaknesses in the Sherman Act became evident, Congress added amendments to it at various times through 1950. The Antitrust Laws. Congress passed the first antitrust law, the Sherman Act, in 1890 as a comprehensive charter of economic liberty aimed at preserving free and unfettered competition as the rule of trade..n addition to these federal statutes, most states have antitrust laws that are enforced by state attorneys general or private plaintiffs. Many of these statutes are based on the federal antitrust laws. That regime started with the Sherman Antitrust Act of 1890, the first Federal law outlawing practices considered harmful to consumers (monopolies, cartels, and trusts). The Clayton Act specified particular prohibited conduct, the three-level enforcement scheme, the exemptions, and the remedial measures.n independent agency of the United States government, established in 1914 by the Federal Trade Commission Act. Its principal mission is the promotion of consumer protection and the elimination and prevention of anti-competitive business practices, such as coercive monopoly. It was followed by the Sherman Antitrust Act of 1890, the Clayton Antitrust Act and the Federal Trade Commission Act of 1914, the Robinson-Patman Act of 1936, and the Celler-Kefauver Act of 1950. Standard Oil Co. of New Jersey v. United States, 221 U.S. 1 (1911) Standard Oil was dismantled into geographical entities given its size, and that it was too much of a monopoly. 2  United States v. 3  American Tobacco Company, 221 U.S. 106 (1911) found to have monopolized the trade.
Federal Trade Commission