Laws For Fair, Balanced And Competitive Business Practice

815 words - 4 pages

United States has several laws that ensure that competition among businesses flow rely and new competitors get free access to the market. These laws intend to ensure fair and balanced competitive business practices. However, there are times when some businesses will do anything to gain competitive edge. USA has string antitrust laws that prohibit fixing market price, price discrimination, conspiring boycott, monopolizing, and adopting unfair business practices. The history of Antitrust laws goes back to 1890 when Congress passed Sherman Act. In 1914, Congress passed two more acts: Federal Trade Commission Act, and Clayton Act. With some revisions, these three acts are still core antitrust ...view middle of the document...

For example, the Foreign Corrupt Practices Act of 1977 (FCPA) addresses accounting transparency issues and bribery of foreign officials.
History is full of high profile cases of violation of antitrust laws and competitive business practices. Rockefeller’s Standard Oil dropped its price by more than half and bought up many competitors. Microsoft has also been accused of adopting unfair business practices and discouraging competition several times. Microsoft started getting its web browser Internet Explorer with Windows operating system and other products. Even though consumers were not forced to purchase the Internet Explorer browser, Microsoft did manage to discourage competition. Court held Microsoft liable under antitrust laws. Many times even a government can allow a company to work as monopoly. For example, AT&T was allowed to work as a natural monopoly. Similarly, Kodak was found violating antitrust laws in 1921 as at that time Kodak was controlling 96% of film and camera market in USA. Company was accused of discouraging competition. ( In 2013, Apple was found violating antitrust law by conspiring to raise prices of e-books.
In spite of such laws, businesses find ways to practice unfair business practices. There were times when large enterprises have been able to drive smaller businesses out of business. Companies had left clients with no choice, but to buy their products. Companies have been cheating consumers. It is not just large corporations; even smaller corporations are indulged in unfair business practices. According to FTC, American consumers lost over $1.6 billion to fraud in 2013 alone....

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