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For our modern Economy to progress and continue to flourish there must be competition between businesses With Competition buyers are the boss the market is their agent and businesses are the servants A totally different system where a single seller controls the market of a certain product or good is called a monopoly By controlling the supply of this product a monopolist can charge a higher than competitive price for that item To prevent this from occurring the United States attempts to regulate or prevent monopolies using antitrust laws The purposes of antitrust laws are to prevent monopolization encourage a competitive market and achieve efficient growth During the Industrial Revolution due to advances in technology such as railroads telephone and electricity we saw Atrusts emerge These trusts were huge conglomerates that sought to monopolize and control their respective industry To prevent trusts monopolies from creating restraints on trade or commerce and reducing competition the Sherman Antitrust Act was by passed Congress in 1890 to deal with new monopolistic practices the act contained three distinct types of provisions covering corporate activities remedies for reform and labor disputes Furthermore the Act was designed to maintain economic liberty and to eliminate restraints on trade and competition The Sherman Act is the main source of Antitrust law as we know it today The Sherman Act had 2 parts Section I- Every Contract combination in the form a trust or otherwise a conspiracy in restraint of trade or commerce among the several states or with foreign nations I hereby declared to be illegal Section II- Every person who shall monopolize or attempt to monopolize or combine or conspire with any person or persons to monopolize any part of the trade or commerce among the several states or with foreign nations shall be deemed guilty of a felony The Sherman act outlawed restraints on trade as well as monopolization of industries or goods To understand antitrust laws we
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