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Definition:
Antitrust laws and policies are those designed to ensure that no one business,
company, organization, or collection of the above can acquire a monopoly over some
portion of the national economy. A clear example of such a law would be the Sherman
Antitrust Act of 1890.
The principle of antitrust legislation is that competition is good and that market decisions are best decided in the competition between independent organizations working to maximize their own profit. Thus, antitrust rules are designed to preserve this competition even though they may require some interference in the right private contracts.
Some people, however, oppose antitrust regulations on the theory that, in a truly free market, monopolies will not develop - thus, so long as the government stays out of the market and avoids regulating it, everything will be fine naturally.
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Related Resources:
What are Political and Legal Philosophy
The Philosophy of Politics and the Philosophy of Law are often studied separately, but they are presented here jointly because they both come back to the same thing: the study of force. Politics is the study of political force in the general community, while jurisprudence is the study of how laws can and should be used to achieve political and social goals.What is Philosophy?
What is philosophy? Is there any point in studying philosophy, or is it a useless subject? What are the different branches of philosophy - what's the difference between aestheitcs and ethics? What's the difference between metaphysics and epistemology?
