Sherman Act Of 1890

GOVERNMENT REGULATION INDUSTRIAL REGULATION Industrial regulation pertains to the government regulation of firms’ prices or rates within industries. These regulations are in existence to prevent companies from forming a monopoly, to promote competition and achieve fairness. In the mid 1800s, as industry grew, many industries began to take on the look of a monopoly; using questionable business tactics and charging their customers high prices. The customers and businesses that patronized these industries began to complain to the government and the government responded with the Sherman Act of 1890. The objective of industrial regulation is for a regulatory agency to keep tabs on an industry 's prices and products to ensure
375). In response to monopolies, cartels, and trusts, Congress passed two major pieces of legislation: the Sherman Act and the Clayton Act. The Sherman Act is a federal statute passed in 1890. It was the first major legislation passed to address oppressive business practices associated with cartels and oppressive monopolies. The Clayton Act of 1914 simply sharpened and clarified the general provisions of the Sherman Act and regulates practices that are deemed harmful to fair competition; price fixing, exclusive contracts, tying agreements, mergers and acquisitions. The Federal Trade Commission Act of 1914 prohibits unfair methods, acts, and practices of competition in interstate commerse. But more than anything, it established the Federal Trade Commission to police violation of the act and to enforce the Clayton and Federal Trade Commission Acts, as well. The Celler-Kefauver Act of 1950 amended the Clayton Act and targets mergers where companies purchase suppliers, and occasionally competitor 's suppliers, in order to secure production. It added vertical mergers and conglomerate mergers to the possible list of antitrust violations. REGULATORY COMMISSIONS OF INDUSTRIAL
The FDA, esatblished in 1906, regulates the safety and effectiveness of food, drugs, and cosmetics. The EEOC, established in 1964, regulates the hiring, firing, and promotion of workers. OSHA, established in 1971, regulates industrial health and safety. The EPA, established in 1972, regulates air, water, and noise pollution. The CPSC, established in 1972 as well, regulates the safety of consumer products (McConnell, Brue, Flynn, 2011, pg.