There are several such Acts. Each country would have their own versions.
The Clayton Anti-Trust Act
Originally designed to prevent unfair business practices in the railroad industry. In other words,it was to lover excessive railroad rates.
The law itself which was designed to protect consumers from collusion and unfair business practices by corporations.
Federal Trade Commission Act
Clayton Act
The government prevents unfair business practices through regulations and enforcement by agencies such as the Federal Trade Commission (FTC) in the U.S., which ensures fair competition and protects consumers from deceptive practices. It enacts laws like the Sherman Antitrust Act and the Clayton Act to prohibit monopolies and anti-competitive behaviors. Additionally, the government conducts investigations, imposes penalties, and promotes transparency to deter unethical business conduct. Regular oversight and public awareness campaigns also play crucial roles in maintaining fair market practices.
Two significant laws passed to control unfair practices are the Fair Labor Standards Act (FLSA) of 1938, which established minimum wage, overtime pay, and child labor regulations, and the Federal Trade Commission Act of 1914, which created the Federal Trade Commission (FTC) to prevent unfair or deceptive business practices. These laws aim to protect workers and consumers by ensuring fair labor conditions and promoting honest marketplace competition.
Title VII of the Civil Rights Act of 1964, entitled "Equal Employment Opportunity," provides for several fair employment practices. The act, as amended, forbids employers to discriminate in hiring, firing, promoting, compensation, or in any other condition of employment on the basis of race, color, religion, gender, or national origin.
Title VII of the Civil Rights Act of 1964, entitled "Equal Employment Opportunity," provides for several fair employment practices. The act, as amended, forbids employers to discriminate in hiring, firing, promoting, compensation, or in any other condition of employment on the basis of race, color, religion, gender, or national origin.
Under the Consumer Protection Act, restricted trade practices include practices that unfairly limit competition or manipulate consumer choices. This encompasses misleading advertisements, false representations of goods or services, and unfair pricing strategies. Additionally, practices that exploit consumers’ lack of information or create barriers to access essential products are also prohibited. These regulations aim to promote fair trade and protect consumers from deceptive practices.
The Interstate Commerce Act of 1887 aimed to regulate the railroad industry by establishing the Interstate Commerce Commission (ICC) to oversee fair rates and prevent discriminatory practices. The Sherman Antitrust Act of 1890 sought to combat anti-competitive business practices by making it illegal to restrain trade or commerce through monopolies and conspiracies. Both acts were significant in promoting fair competition and protecting consumers from unfair business practices in the rapidly industrializing economy of the United States.
The Clayton Act of 1914 was a significant piece of antitrust legislation aimed at preventing anti-competitive practices and protecting consumer interests. In response to the act, the government established the Federal Trade Commission (FTC) to enforce its provisions and investigate unfair business practices. The act also allowed for more robust legal action against monopolies and practices like price discrimination, tying agreements, and exclusive dealings, reinforcing the government's commitment to maintaining fair competition in the marketplace. Overall, the Clayton Act marked a proactive approach by the government to regulate business practices and promote fair competition.