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EGT1 Task 3

explanatory Essay
1060 words
1060 words
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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 disc... ... middle of paper ... ...cosmetics 2). Equal Employment Opportunity Commission whose jurisdiction consists of hiring process, the promotion and firing of workers 3). Occupational Safety and Health Administration whose jurisdiction is industrial health and safety 4). Environmental Protection Agency whose jurisdiction consists of air, water, and pollution of noise 5). Consumer Product Safety Commission whose jurisdiction consists of safety of products used by consumers. Social Regulation deals with more far more firms than industrial regulation. The various Commissions that govern social regulation have dealings with all the firms in the industry. Social regulation is greatly involved with their daily process in productions. The commissions under social regulation are very involved in things like product design, employee work conditions, and the conditions involving the production process.

In this essay, the author

  • Explains that the sherman act of 1890 was against and prohibited all trade and monopolization. the ftc, wounded parties, or state attorney generals can file antitrust suits against those who violated the act.
  • Explains that the clayton act of 1914 was constructed and contained the amplification of the sherman act that were desired by the government.
  • Explains that the federal trade commission act of 1914 created the five-member ftc, which has mutual responsibilities with the u.s. justice department for enforcing antitrust laws.
  • Explains the celler-kaufauver act, an act that amends the clayton act. it forbids firms from trying to unite with cutthroat firms by obtaining their stock.
  • Explains the intended purpose of industrial (i.e., economic) regulation as it applies to the following market structures.
  • Explains the purpose of industrial regulation in a monopoly is to normalize the public from market influence by adjusting prices and eminence of service.
  • Explains the major functions of the three primary federal and state regulatory commissions that govern industrial regulation.
  • Explains the intended purpose of social regulation as it applies to all market structures and the five primary federal regulatory commissions that govern it.
  • Explains the five federal regulatory commissions that govern social regulation: food and drug administration, equal employment opportunity commission, environmental protection agency, and consumer product safety commission.
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