Government Role in Business - Research Article from Encyclopedia of Business and Finance

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Competitive Practices

A number of laws have been passed to protect competitive practices. Among these laws are the Sherman Antitrust Act of 1890, the Federal Trade Commission Act of 1914, and the Wheeler-Lea Act of 1938.

Sherman Antitrust Act of 1890. One of the earliest pieces of legislation that had a critical effect on the business sector was the Sherman Antitrust Act of 1890, passed by Congress in response to public outrage over a few large companies that were forcing their smaller competitors out of business and becoming monopolies. Since there was no competition, consumers were left with higher prices and usually a lower-quality product. The act had two main sections attempting to prevent the formation of monopolies. Specifically, section one maintained that forming a trust or a conspiracy resulting in the restraint of trade was illegal. Section two provided that persons monopolizing or attempting to monopolize trade were guilty of...

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This section contains 2,746 words
(approx. 10 pages at 300 words per page)
Buy the Government Role in Business Encyclopedia Article
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Encyclopedia of Business and Finance
Government Role in Business from Encyclopedia of Business and Finance. Copyright © 2001-2006 by Macmillan Reference USA, an imprint of the Gale Group. All rights reserved.
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