BL-Chapt46 - Antitrust Law Chapter Introduction 46-1 The...

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Unformatted text preview: Antitrust Law Chapter Introduction 46-1 The Sherman Antitrust Act 46-1a Major Provisions of the Sherman Act 46-1b Differences between Section 1 and Section 2 46-1c Jurisdictional Requirements 46-2 Section 1 of the Sherman Act 46-2a Per Se Violations versus the Rule of Reason 46-2b Horizontal Restraints 46-2c Vertical Restraints 46-3 Section 2 of the Sherman Act 46-3a Monopolization 46-3b Attempts to Monopolize 46-4 The Clayton Act 46-4a Price Discrimination 46-4b Exclusionary Practices 46-4c Mergers 46-4d Interlocking Directorates 46-5 Enforcement of Antitrust Laws 46-5a Private Actions 46-5b Treble Damages 46-6 Exemptions from Antitrust Law 46-7 U.S. Antitrust Laws in the Global Context 46-7a The Extraterritorial Application of U.S. Antitrust Laws 46-7b The Application of Foreign Antitrust Laws Chapter Recap Page 1 of 25 Print Chapter 2010-8-30 http://atext.aplia.com/controller/ChapterPrint.aspx?isbn=0324655223&mod=0&ch=46... Chapter Introduction Today's antitrust laws are the direct descendants of common law actions intended to limit restraints on trade (agreements between firms that have the effect of reducing competition in the marketplace). Concern over monopolistic practices arose following the Civil War with the growth of large corporate enterprises and their attempts to reduce or eliminate competition. They did this by legally tying themselves together in a business trust, a type of business entity described in Chapter 37. The participants in the most famous trustthe Standard Oil trust in the late 1800stransferred their stock to a trustee and received trust certificates in exchange. The trustee then made decisions fixing prices, controlling production, and determining the control of exclusive geographic markets for all of the oil companies that were in the Standard Oil trust. Some argued that the trust wielded so much economic power that corporations outside the trust could not compete effectively. Many states attempted to control such monopolistic behavior by enacting statutes outlawing the use of trusts. That is why all of the laws that regulate economic competition today are referred to as antitrust laws . At the national level, Congress recognized the problem in 1887 and passed the Interstate Commerce Act, followed by the Sherman Antitrust Act in 1890. In 1914, Congress passed the Clayton Act and the Federal Trade Commission Act to further curb anticompetitive or unfair business practices. Since their passage, the 1914 acts have been amended by Congress to broaden and strengthen their coverage, and they continue to be an important element in the legal environment in which businesses operate. Page 2 of 25 Print Chapter 2010-8-30 http://atext.aplia.com/controller/ChapterPrint.aspx?isbn=0324655223&mod=0&ch=46... 46-1 46-1a 46-1b 46-1c The Sherman Antitrust Act Major Provisions of the Sherman Act Differences between Section 1 and Section 2 Jurisdictional Requirements The author of the Sherman Antitrust Act of 1890, Senator John Sherman, was the brother of the famed Civil War general and a recognized...
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BL-Chapt46 - Antitrust Law Chapter Introduction 46-1 The...

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