Antitrust
Antitrust
Antitrust (pronounced: an-tee-trust) is a term used in the field of law and economics to describe laws that regulate, restrict and prevent business practices that are anti-competitive or that stifle competition. The term is primarily used in the United States, while other jurisdictions, such as the European Union, use the term "competition law".
Etymology
The term "antitrust" originates from the U.S. in the late 19th century, during a time of rapid industrialization and growth. It was coined in response to the formation of large business entities known as trusts, which were seen to be restricting competition and exploiting consumers. The term "anti-trust" therefore refers to laws against these trusts.
Related Terms
- Monopoly: A situation in which a single company or group owns all or nearly all of the market for a given type of product or service.
- Oligopoly: A market structure in which a few firms dominate. When a market is shared between a few firms, it is said to be highly concentrated.
- Cartel: A group of independent market participants who collude with each other in order to improve their profits and dominate the market.
- Competition law: Law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies.
- Sherman Antitrust Act: Landmark U.S. legislation passed in 1890 that outlawed trusts — monopolies and cartels — to increase economic competitiveness.
- Federal Trade Commission: An independent agency of the U.S. government whose main goals are to enforce antitrust law and promote consumer protection.
External links
- Medical encyclopedia article on Antitrust
- Wikipedia's article - Antitrust
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