antitrust law  definition
Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. Competition law is known as anti-trust law in the United States, and as anti-monopoly law in China and Russia. In previous years it has been known as trade practices law in the United Kingdom and Australia. In the European Union, it is referred to as both antitrust and competition law. The history of competition law reaches back to the Roman Empire. The business practices of market traders, guilds and governments have always been subject to scrutiny, and sometimes severe sanctions. 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.. In 1914, Congress passed two additional antitrust laws: the Federal Trade Commission Act, which created the FTC, and the Clayton Act. opposing or intended to restrain trusts, monopolies, or other large combinations of business and capital, especially with a view to maintaining and promoting competition: antitrust legislation. “ The antitrust laws gave the young start-up confidence in the ability of themselves to create a path to generate demand in the free market. The antitrust laws proscribe unlawful mergers and business practices in general terms, leaving courts to decide which ones are illegal based on the facts of each case. Courts have applied the antitrust laws to changing markets, from a time of horse and buggies to the present digital age. Relief of the railroads from certain restrictions of the antitrust law have been urged by my predecessor and will be urged by me. United States Presidents' Inaugural Speeches Various. The antitrust law should not be repealed; but it should be made both more efficient and more in harmony with actual conditions. State of the Union Addresses of Theodore Roosevelt Theodore Roosevelt. The appropriation of sufficient funds to permit proper enforcement of the present antitrust laws is essential. Third, they prohibit the creation of a monopoly and the abuse of monopoly power. The Federal Trade Commission, the U.S. Department of Justice, state governments and private parties who are sufficiently affected may all bring actions in the courts to enforce the antitrust laws. The scope of antitrust laws, and the degree to which they should interfere in an enterprise's freedom to conduct business, or to protect smaller businesses, communities and consumers, are strongly debated. The federal government, via both the Antitrust Division of the United States Department of Justice and the Federal Trade Commission, can bring civil lawsuits enforcing the laws. The United States Department of Justice alone may bring criminal antitrust suits under federal antitrust laws. United States antitrust law. United States antitrust law is a collection of federal and state government laws that regulates the conduct and organization of business corporations, generally to promote fair competition for the benefit of consumers.
A collection of federal and state government laws that regulates the conduct and organization of business corporations, generally to promote fair competition for the benefit of consumers.