DSST Business Ethics and Society 2

Taft filed twice the number of anti trust suits as

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Taft filed twice the number of Anti-Trust suits as Roosevelt, b) Taft vigorously enforced Anti-Trust Legislation, although Roosevelt was known as the “trustbuster”
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c) including one against Standard Oil, whose break up was ordered by the Supreme Court in 1911 under the Sherman Anti-Trust Act in 1911 64) Anti-Trust Legislation – laws in the United States- policies and programs designed to control the growth of monopolies and enhance competition a) Sherman Act - (1890) b) Clayton Anti-Trust Act – (1914) c) Federal Trade Commission Act – (1914) 65) Monopoly – when only one producer of a given product exists in a given market a) A monopoly allows a producer to determine the price of a product, the quantity it will supply b) In Most capitalist societies, the governments enact legislation to forbid monopolies 66) Public Corporation – a corporation whose shares are traded on securities exchange a) Regulated by the SEC, b) Financial statements are available to investors 67) Privately Held Corporation – not publicly traded, usually by individual or a few individuals and their families a) Financial statements are private 68) Securities and Exchange Commission (SEC) – of 1934 - entity who regulates the financial reports and other activities of a public company, a) Created to regulate the securities industry b) Prohibit certain types of conduct in the market such as insider trading c) Regulates brokerage firms, the New York Stock Exchange d) Investigates insider trading 69) Franklin Roosevelt’s’ & New Deal – involved government intervention to try to stimulate the economy, applied many of John Keynes ideas during the Great Depression through his series of government programs know as the New Deal. a) Franklin Roosevelt’s NEW DEAL created many programs to create work such as; a.i) Civilian Conservation Corps (CCC) a.ii) Works Progress Administration (WPA) 70) Interstate Commerce Commission ICC – first regulatory agency created by the federal government a) Responsible for making sure railroads were charging reasonable rates (it had little power and was ignored) b) Was created as a result of the Interstate Commerce Act of 1887 71) Railway Labor Act – 1926 – relied upon collective bargaining to resolve labor disputes and was determined to be constitutional by the Supreme Court a) First comprehensive labor relations law and included that parties enter mediation if unable to settle disputes b) Was developed after a number of amendments to the Transportation Act c) Was drafted by combined efforts of both union representatives and executives of the transportation industry 72) National Labor Relations Act (NLRA) – of 1935 – popularly known as the Wagner Act a) Designed to protect workers’ rights to unionization b) Guarantees the right of employees to organize and c) MOST important aspect – the right for employees to bargain collectively with their employers 73) Government Officials – are exempt from Anti-Trust Laws (biggest group) a) Other groups include: Major League Baseball, Labor Unions, and Insurance Industry 74)
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