EGT1 Task 3
WGU EGT1 Task 3 Student#
In this essay I will discuss a few terms and how their relationships apply between regulation and market structures, as well as how regulation policies affect the market.
A) There were 4 particular Antitrust Laws that were enacted with the primary purpose of protecting consumers, striving to achieve fair competition in the market place, and to achieve and allocate efficiency. The 4 Antitrust Laws that are major pieces of legislation are;
The Sherman Act of 1890
The Clayton Act of 1914
The Federal Trade Commission Act of 1914 (which also includes an Amendment known as the Wheeler-Lea Act of 1938)
The Celler-Kefauver Act of 1950 (which is an Amendment to the Clayton Act of 1914)
The Sherman Act of 1890 was enacted following the public outcry of resentment for various trusts that were looming in the years of 1870-1880. There are 2 provisions that cut into the core of this act. The first provision covers distinctly that “Every contract, combination in the form of a trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations is declared to be illegal,” (McConnell, Brue, & Flynn, 2012). This piece of legislation was put into place to prevent extreme concentrations of economic power. It was designed to make monopolies illegal to have which would restrain trade, and any conspiracies to restrain trade. If a firm was found guilty for violating the provisions of the Sherman Act, a corporation could be dissolved by order of the court, fined or imprisonment, given warnings, and injured claimant parties would be able to sue for triple damages.
The Clayton Act of 1914 was partially sent forth because many courts were not enforcing the Sherman Act of 1890 as strictly intended and the Sherman Act proved to not be explicit enough to be effective. The Clayton Act of 1914 was made to further clarify the Sherman Acts’ Sections 2, 3, 7, & 8 which made it illegal for
In this essay I will discuss a few terms and how their relationships apply between regulation and market structures, as well as how regulation policies affect the market.
A) There were 4 particular Antitrust Laws that were enacted with the primary purpose of protecting consumers, striving to achieve fair competition in the market place, and to achieve and allocate efficiency. The 4 Antitrust Laws that are major pieces of legislation are;
The Sherman Act of 1890
The Clayton Act of 1914
The Federal Trade Commission Act of 1914 (which also includes an Amendment known as the Wheeler-Lea Act of 1938)
The Celler-Kefauver Act of 1950 (which is an Amendment to the Clayton Act of 1914)
The Sherman Act of 1890 was enacted following the public outcry of resentment for various trusts that were looming in the years of 1870-1880. There are 2 provisions that cut into the core of this act. The first provision covers distinctly that “Every contract, combination in the form of a trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations is declared to be illegal,” (McConnell, Brue, & Flynn, 2012). This piece of legislation was put into place to prevent extreme concentrations of economic power. It was designed to make monopolies illegal to have which would restrain trade, and any conspiracies to restrain trade. If a firm was found guilty for violating the provisions of the Sherman Act, a corporation could be dissolved by order of the court, fined or imprisonment, given warnings, and injured claimant parties would be able to sue for triple damages.
The Clayton Act of 1914 was partially sent forth because many courts were not enforcing the Sherman Act of 1890 as strictly intended and the Sherman Act proved to not be explicit enough to be effective. The Clayton Act of 1914 was made to further clarify the Sherman Acts’ Sections 2, 3, 7, & 8 which made it illegal for
References: http://www.youtube.com/watch?v=0gM0lErc12M&feature=youtu.be#t=26m1s Antitrust Policy & Regulation: Antitrust Laws, Industrial Regulation, Social Regulation, Federal Regulatory Commissions for both Industrial and Social Regulation Published on Mar 4, 2013 https://www.federalregister.gov/agencies/federal-energy-regulatory-commission Federal Register, Federal Energy Regulatory Commission, Retrieved 12/27/2013 https://www.fcc.gov/what-we-do FCC- What We Do, FCC.gov, Retrieved 12/27/2013 “New York Law Journal,” Vol 248-No.52, ALM Publication September 13,2012, http://www.arnoldporter.com/resources/documents/State%20Public%20Utility%20Commissions%E2%80%99%20Powers.pdf retrieved on 12/27/2013 http://www.fda.gov/aboutfda/whatwedo/ U.S. Department of Health & Human Services, about FDA 09/19/2013. Retrieved 12/27/2013. http://www.inc.com/encyclopedia/consumer-product-safety-commission-cpsc.html CPSC Inc. Retrieved 12/27/2013