How effective are US laws in promoting fair and competitive business practices? Cite specific examples that support your answer.© BrainMass Inc. brainmass.com October 10, 2019, 5:24 am ad1c9bdddf
To answer the problem, you can mention that the United States is known to the world as the country with a solid legal and social background when dealing with unfair business practices. This stemmed from its experience during the economic depression of the 1930s where the entire U.S. economy was devastated and the entire business crumbled. U.S. economic planners identified that the root cause of that depression was monopoly of major industries. Had monopolies been dismantled prior to the 1930s, the great depression could have been avoided.
You can also add that based on the above experience, the U.S. is on the look-out for possible unfair businesses occurring. It initiates concrete steps and preventive measures before any indication of business monopoly rears its ugly head. A repeat of the 1930s must be prevented at all times.
You can argue that US laws were effective in promoting fair and competitive business practices.
To substantiate this idea, you can cite the examples below:
1. In 1911, after years of litigation, the Court found Standard Oil Company of New Jersey in violation of the Sherman Antitrust Act because of its excessive restrictions on trade, particularly its practices of eliminating competitors ...
The solution shows how effective are US laws in promoting fair and competitive business environment. It mentions Sherman Antitrust Act as one of those laws.