WEEK 3-RESEARCH PAPER
INTRO TO BUSINESS & TECHNOLOGY
July 27, 2014 The United States has several laws that are intended to further fair, balanced, and competitive business practices. Do you think that such laws are effective? If so, why? If not, why not? Be sure to provide evidence to support your position one way or the other.
There are several laws in the United States that are chosen to be fair, balances, and competitive for businesses. With the control measures, the laws has been effective to ensure businesses are ran fair. But when the legislation and/or regulations have a determining factor of not knowing if it’s going to be successful or note, we are unsure.
Amongst the fact that when laws are being initially introduced, there is always some uncertainty as to whether these laws will impact to promote fair business practices. Also with these laws in process, as consumers, these laws can affect our lives in one way or another. In 2008, when the recession hit, companies were engaged in fraudulent acts. One company, Johnson and Johnson who was faced with an impact amongst the media with claims were filed of cyanide-laced pills. But by cleaning up and keeping there good name, Johnson and Johnson pulled all Tylenol brand products from every pharmacy and begin to develop a new pill for the consumer.
Then there was the Sherman Antitrust Act which was had the capabilities of breaking up monopolies in order to restore free enterprise. Some monopolies bad due to the interest of the consumer and completion. The Act stated “outlaws all contracts, combinations, and conspiracies unreasonably restrain interstate and foreign trade.” The act also included agreements with competitors to rig bids and fix prices. (Federal Trade Commission, n.d.)
But the intent of the Sherman Antitrust Act was there to protect consumers from huge business using illegal means to raise prices unwillingly and knowingly by producing few goods to meet the demand of