INFO 6940 Lecture Notes - Lecture 13: Federal Trade Commission Act Of 1914, Clayton Antitrust Act, Sherman Antitrust Act
12 Aug 2016
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1890s- the country was operating in a single economic national scale; farming was the largest economic industry; major fight between individual farmers and railroad companies. Trust a group of firms colluding to form an advantage for self [fixed pricing, non-competitive clause] A proposal to avoid collusion from sherman act was the growth of mergers. Clayton act deals with mergers and acquisitions. Federal trade commission act sets up the first instances of consumer protection function within the government. Job is to encourage people in coming up with lots of new stuff (constitution) Short term monopoly to incentivize to produce new things so it"ll make it into the culture eventually. Balancing act (litman) under protect (no one bothers to produce), overprotect (ideas are obstructed to pass into culture and for the next great thing) Utilitarian function it produces positive social benefit; not a natural right argument creators should be able to benefit no matter what.
