Egt1 Task 3 Essay

943 words - 4 pages

In this paper, I will be summarizing legislation known as the Antitrust Laws, identifying the purpose of industrial regulation, social regulation and natural monopolies. I will help explain how and why each exists and their impact on society. In addition, I will also explain the three main regulatory commissions of industrial regulation, and finally explain the major functions of the five primary regulatory commissions as they govern social regulation.
There are four major pieces of legislation that prevent monopolies from occurring, these are collectively known as the Antitrust Laws. These laws help foster competition. The first law is the Sherman Act of 1890; this law prohibits ...view middle of the document...

Industrial regulation is derived from the public interest theory of regulation that states a natural monopoly must be regulated to prevent it from becoming a regular monopoly that can charge monopolistic prices which in turn harms society and consumers.
The intended purpose of industrial regulation is to make sure monopolies and oligopolies do not acquire too much money and to keep prices charged at a normal rate, and monitor monopolies so they do not try to stifle competition. Monopoly refers to a market where there is one or limited amount of suppliers of a given commodity. Monopolies like AT&T and Microsoft can be taken to court and potentially have the company split up into multiple companies. Examples oligopolies are car makers Ford, GM, and Chrysler or cereal brand makers like General Mills, Kellogg and Post. The point of industrial regulation for monopolies is to regulate companies from setting prices to low, becoming too large and committing acts of anti-trust between themselves. Oligopoly refers to a market structure where suppliers have formed and work in unison, and have the power to determine the price of an commodity and can set any price they want for it. Industrial regulation comes in to play to make sure oligopolies do not charge unfair prices for their products.
Social regulation defers itself from industrial regulation by dealing its concerns with the impact that production has on society, how goods are produced and the quality of those goods. Social regulation applies to a lot more firms than industrial regulation, who focuses on monopolies. Social regulation exists to protect consumers from businesses that false advertises, builds faulty and or hazardous products. Firms that are directly affected by social regulation are numerous and range from restaurants, factories to stores. Commissions like the Occupational Safety and Health Administration, the EPA which is better known as the Environmental Protection Agency and the Food and Drug Administrations are types of social regulation...

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