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Busi620 Essay

2312 words - 10 pages

According to Salvatore (2012), regulation is the result of pressure-groups action and results in laws and policies to support business and to protect consumers, workers, and the environment. Salvatore (2012) goes on to describe that starting with the Sherman Act of 1890, a number of antitrust laws were passed to prevent monopoly or undue concentration of economic power, protect the public against the abuses and inefficiencies resulting from monopoly or the concentration of economic power and maintain a workable degree of competition in the U.S. economy.
First, lets discuss regulations and the ways that government has been able to restrict competition. Government regulation has four main ...view middle of the document...

The future of the small independents was basically on life support during the Great Depression mainly due to the small independents inability to compete against large chain stores. The American people called for broad support requesting legislation which would compel suppliers, no matter the size of the buyer to treat them all on a fair and equal basis.
After almost 40 years the Robinson-Patman Act still remains controversial. Not too long after being drafted it became a law. Because of its many different confusing sections it resulted in many different interpretations by the courts. Supreme Court Justice Harlan classified the Robinson-Patman Act as being “singularly opaque and illusive statute” (Hall & Phillips, 1963). Supreme Court Justice Clark, stated that the “precision of expression is not an outstanding characteristic of the Act” (Clark, 1963).
Another regulation by the federal government is a patent and is considered to be the intellectual property right to an inventor. As stated in 35 US Code 154(a)(1), every patent contains “a grant to the patentee ... of the right to exclude others from making, using, offering for sale, or selling the invention throughout the United States or importing the invention into the United States...” ("What are your," 2011). Just like the restrictions on price competition the difficult thing concerning obtaining a patent is that large companies end up holding so many patents on certain products on certain products that a large firm company will completely dominate the field.
When looking back during the 1800s, there were several large companies that were known as trusts. These large companies controlled sections of the United States economy. These companies included businesses like sugar, steel, railroads and oil. The two famous trusts during this period were Standard Oil and U.S. Steel. These two companies were considered to be monopolies because they controlled the supply of their respective products as well as the price of the product. When one company controls the entire industry and has no competition consumers and small businesses have no choice from where they are able to buy the product. This forces prices to go through the roof and quality of the product will begin to suffer because the monopolist has no priority to improve quality. This ended up causing hardship for Americans and prevented any prosperity from occurring. However, this whole time the rich businessmen became richer and richer. This caused the American public to become angry and they began to demand the government to step in and take some sort of action. The United States Congress passed several laws and Theodore Roosevelt became the first President of the United States to take action as he broke up many of the trusts that existed by enforcing the new “antitrust” laws. The goals of the “antitrust” laws was to protect consumers. This was done by promoting competition in the within the United States...

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