What is the Sherman Antitrust Act?

The Sherman Antitrust Act, enacted in 1890, is a federal antitrust law that is used to protect consumers and businesses in the United States from anti-competitive and unfair practices. It is the oldest of all antitrust laws and was passed with the intention of promoting fair competition. According to the act, "Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several states, or with foreign nations, is declared to be illegal.” The Sherman Antitrust Act is enforced by the Federal Trade Commission (FTC) and the Department of Justice in Washington. These two agencies are responsible for keeping businesses honest in the state, and preventing them from engaging in unfair or deceptive trade practices. Specifically, the FTC monitors mergers and acquisitions, while the Department of Justice investigates and brings criminal antitrust cases against those who are suspected of engaging in anti-competitive activities. The Sherman Antitrust Act is an important legislation in Washington state because it preserves the competitiveness of businesses in the state, as well as protect consumers from unfair deals. It is also meant to prevent large companies from taking advantage of smaller ones, by restricting the formation of trusts, cartels, and other types of monopolies. The act has been amended since its enactment in 1890, and it is important that everyone in Washington understands and follows its guidelines to prevent any antitrust violations.

Related FAQs

How can business owners avoid antitrust violations?
How do competition authorities cooperate on global antitrust enforcement?
How can a business defend itself against antitrust charges?
What is the concept of “essential facilities” in antitrust law?
What are the most important antitrust court cases?
How does antitrust law affect international trade?
What is the impact of antitrust law on advertising?
What is the role of government agencies in antitrust enforcement?
Is antitrust law the same in all countries?
What is the impact of antitrust law on economic competition?

What is the Sherman Antitrust Act?

Related FAQs

Related Blog Posts