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.
The United States has several laws that are intended to further fair, balanced, and competitive business practices. These laws are typically effective as control measures to ensure fair business practices are followed. Determining the success or failure of specific legislation or regulations can be relative to what angle you are looking from. With these anti-trust laws we are insured safeness from unreasonable trade, price discrimination, and unfair and anti-competitive business practices. I feel anytime new laws or regulations are introduced there is initial skepticism about their purpose and the impact they will have even when the laws that are enacted that are intended to promote fair and competitive business practices. Although people may not realize it, as a consumer, antitrust laws affect their daily life in a variety of ways. In 1890, Congress enacted the Sherman Antitrust Act, a law designed to restore competition and free enterprise by breaking up monopolies.
The Act of July 2, 1890(Sherman Anti-Trust Act) states that “This Act outlaws all contracts, combinations, and conspiracies that unreasonably restrain interstate and foreign trade. This includes agreements among competitors to fix prices, rig bids, and allocate customers, which are punishable as criminal felonies (pg.1).” The original intention of the Sherman Antitrust Act was to protect consumers from big businesses that were using unscrupulous means to raise prices artificially, such as intentionally producing too few goods to meet consumer demand and thereby driving up the products’ value and price. The US Department of Justice says, “The principal law expressing our national commitment to a free market economy in which competition free from private and governmental restraints leads to the best results for consumers (pg.2).”
The Business plan on The Truth In Negotiations Act
Truth In Negotiations Act (TINA) was enacted in September 1962. As one might expect from a regulation that has been in existence from fifty years, major revisions have been made in order to reflect the changes in the marketplace as well as address the risk involved for all parties. TINA requires the submission of cost or pricing data for all offerors for a prime contract that is entered into using ...
The government has tried to keep the trade industries and consumers safe from being treated unfairly during business practices. So in 1914, Congress passed two more laws designed to bolster the Sherman Antitrust Act: the Clayton Antitrust Act and the Federal Trade Commission Act. The Clayton Antitrust Act defined more clearly what constituted illegal restraint of trade. Institute for International Economics states that, “The act outlawed price discrimination that gave certain buyers an advantage over others; forbade agreements in which manufacturers sell only to dealers who agree not to sell a rival manufacturer’s products; and prohibited some types of mergers and other acts that could decrease competition (pg. 2).” The Federal Trade Commission Act established a government commission aimed at preventing unfair and anti-competitive business practices. The 2014FDIC Compliance Manual States that,
“To prevent business practices that are anticompetitive or deceptive or unfair to consumers; to enhance informed consumer choice and public understanding of the competitive process; and to accomplish this without unduly burdening legitimate business activity (pg. VII–1.2).” Many more laws and regulations have been enacted since the 1930s to protect workers and consumers further. It is against the law for employers to discriminate in hiring on the basis of age, sex, race, or religious belief. Child labor generally is prohibited. Independent labor unions are guaranteed the right to organize, bargain, and strike. All these laws are put in place to help keep everyone safe and protected.
The Term Paper on Environmental protection and the social responsibility of firms: perspectives from law, economics, and business
Responsible businessIntroductionResponsible business concerns itself with allowing and ensuring the application of social and moral principles in business decision making. Through the definitions, the following principles of responsible business can be drawn: Business for profit: When people engage in business, they are expecting to receive profit. The first principle of responsible business lies ...
It is not always easy to define when a violation of antitrust laws occurs. Interpretations of the laws have varied, and analysts often disagree in assessing whether companies have gained so much power that they can interfere with the workings of the market. The US Department of Justice says, “Effective antitrust enforcement requires public support. Public ignorance and apathy can weaken antitrust enforcement more than anything else. Whether you are a businessperson or a consumer, if you encounter business behavior that appears to violate the antitrust laws you should contact the enforcement authorities (pg. 5).” What’s more, conditions change, and corporate arrangements that appear to pose antitrust threats in one era may appear less threatening in another. Whether consumers are shopping for food at the grocery store, buying a car, or downloading new software from the Internet, antitrust laws play an important role in ensuring that people have the benefit of competitive prices and high quality goods and services. The antitrust laws accomplish these goals by promoting and fostering competition in the marketplace and preventing anticompetitive mergers and business practices.
References
Act of July 2, 1. A.-T. (1890, July 2).
Enrolled Acts and Resolutions of Congress, 1789-1992; General Records of the United States Government; Record Group 11. Retrieved from National Archives.: http://www.ourdocuments.gov/doc.php?flash=true&doc=51 An Antitrust Primer. (n.d.).
Price Fixing, Bid Rigging, and Market Allocation Schemes:What They Are and What to Look For. Retrieved from justice.gov: http://www.justice.gov/atr/public/guidelines/211578.htm FDIC Compliance Manual. (2014, January).
Federal Trade Commission Act. Retrieved from fdic.gov: http://www.fdic.gov/regulations/compliance/manual/pdf/VII-1.1.pdf Pitofsky, E. M. (n.d.).
The Essay on Socrates on Justice, Law and the Obligation to obey the State
Socrates is one of the greatest philosophers in history, although he did not write any philosophy. He is only known through other people’s writings, particularly Plato, his one-time student. It is therefore not easy to tell which philosophy belongs to Plato and which belongs to Socrates. Socrates lived between 470 BC and 399 BC. His death came as a result of drinking hemlock after he was tried and ...
Institute for International Economics. Retrieved from http://www.iie.com/publications/chapters_preview/56/7iie1664.pdf U.S. Department of Justice . (n.d.).
Antitrust Enforcement and the Consumer. Retrieved from justice.gov: http://www.justice.gov/atr/public/div_stats/antitrust-enfor-consumer.pdf
