Laws against Anti- Competitive Practices Laissez-Faire Interstate Commerce Act Interstate Commerce Commission Sherman Anti-Trust Act.

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Presentation transcript:

Laws against Anti- Competitive Practices Laissez-Faire Interstate Commerce Act Interstate Commerce Commission Sherman Anti-Trust Act

Laissez-Faire Government did little at first to regulate big business Government believed in Laissez-Faire Even under Laissez-Faire system, government had a role in the economy It provides laws to protect property and enforce contracts

Laissez-Faire It establishes a system of patents to promote inventions Enacts tariffs to help manufacturers Many believed the economy worked best when it was not Burdened by government regulations

Laissez-Faire Government leaders also doubted that the Constitution gave them the right to regulate business Some anti-competitive practices of business were so glaring that reformers called for legislation to remedy them. This gave Government a much Greater Role

Interstate Commerce Act Notes on Next Slide

Year: 1887 Railroads sometimes charge local farmers more to haul their crops over short distances than they charged for large companies to ship goods longer distances on more competitive national routes. States passed laws prohibiting this practice, U.S. Supreme Court held these laws to be unconstitutional.

Year: 1887 Court said only CONGRESS had to power to regulate interstate commerce. In response, Congress passed the Interstate Commerce Act Prohibited unfair practices by railroads

Interstate Commerce Commission Established to enforce the Interstate Commerce Act. This was a landmark measure, since it was the 1st time that Congress stepped into regulate business in America.

Sherman Anti-Trust Act Notes on Next Slide

Year: 1890 The purpose of this federal law was to stop monopolies engaging in unfair business practices that prevented fair competition. The act marked a significant change in the attitude of Congress toward the abuses of big business.