Sherman Act 1890: Modernization and Impact on Markets

ABC Research Alert

View Publication Info
 
 
Field Value
 
Title Sherman Act 1890: Modernization and Impact on Markets
 
Creator Han, Alex
 
Subject Sherman Act
Modernization of Antitrust law
 
Description The major purpose of the Sherman Act was to prevent mergers from forming monopolies. It ensures consumers are protected from price discrimination, and there is free competition. Several economists, classical economists, neoclassical economists, Chicago school and Harvard school, pointed out several antitrust laws. Classical economists led by Smith argued that monopolists set prices at higher prices and raise their charges higher through understocking the markets hence corporations and mergers should be prevented. Neoclassical economists developed a model which assumes that there are no barriers to entry whereby there is free entry to the market. Harvard school also advocated for free competition. Either, the Chicago school was against the idea of free competition and proposed some acts from the antitrust laws to be removed.  However, with advancements in technology, the Sherman Act has become outdated and some languages used are held, making it a challenge to interpret in courts. There is a need for the antitrust laws to be reformed to fit the changing technology. Bills should be proposed to make improvements to the acts. For example, Klobuchar Amy, in April 2021, proposed a bill seeking to reform antitrust laws to better perfect competition in the American economy.
 
Publisher Asian Business Consortium
 
Date 2021-11-27
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
 
Format application/pdf
 
Identifier https://abc.us.org/ojs/index.php/abcra/article/view/583
10.18034/abcra.v9i3.583
 
Source ABC Research Alert; Vol. 9 No. 3 (2021): September-December Issue; 104-108
2413-5224
10.18034/abcra.v9i3
 
Language eng
 
Relation https://abc.us.org/ojs/index.php/abcra/article/view/583/1089
 
Rights Copyright (c) 2021 Alex Han
http://creativecommons.org/licenses/by-nc/4.0
 

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