Antitrust laws
Antitrust laws: often known as competition laws. These laws are a subset of the rules making up competition policy. They aim to promote a competitive environment for firms through ensuring that they do not abuse market power in domestic markets. In some countries, especially the United States, antitrust laws have an extraterritorial dimension. The term “antitrust” derives its origin from a perception in the United States in the 1880s and 1890s that some industries, then organized into large-scale trusts with interlocking directorships, were undermining price mechanisms. The Sherman Act, passed in 1890, remains the cornerstone and symbol of United States antitrust laws. A 1994 House of Representative committee report notes that “first and foremost, antitrust is rooted in the distinctive American preference for pluralism, freedom of trade, access to markets, and – perhaps most important of all – freedom of choice”. Penalties in proven cases of antitrust law infringement tend to be severe in many countries. In the United States, for example, the courts can impose treble damages on the offenders. See also cartel, Clayton Act, essential services doctrine, extraterritoriality and Webb-Pomerene Act.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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