Monopolizing industries was common during the Industrial Revolution. Anti-competitive business practices are proven to cause increases in white collar crimes in Texas. Antitrust laws are designed to reduce the number of trusts and monopolies.
The meaning of antitrust laws
Antitrust consists of laws and regulations that promote fairness and competition among businesses. The purpose is to reduce or eliminate anti-competitive actions and behaviors by monopolistic companies.
Modern competition laws are set by local, state, national and international organizations. International competition agreements are made and enforced by international trade organizations. The World Trade Organization (WTO) makes agreements with rules on a variety of international competition issues.
At the federal level, antitrust laws in the U.S. are prohibited by the Sherman Act and the Clayton Act. The laws are enforced by The Federal Trade Commission (FTC) and the U.S. Department of Justice Antitrust Division. The organizations work with local and state law enforcement agencies to bring civil lawsuits and criminal charges against violating individuals and companies.
Types of crimes
Antitrust laws prevent different types of white collar crimes. Price fixing is illegal when two or more competitors fix the prices of their products or services. Cartels are prohibited, and the number of mergers and acquisitions are restricted in every industry to prevent monopolization.
Antitrust laws restrict the types of activities that businesses are allowed to practice. National and international laws are designed to promote competition and reduce the number of monopolies in most industries. The U.S. has several federal organizations, such as the FTC and the DOJ, that regulate and enforce federal laws in civil and criminal courts.