Is Anti-trust law feasible in a global economy?

Question

What is anti trust law? What are the some instances of anti-trust in recent history? How does it affect the economy of a developed and or a developing economy? Is it feassible in a global economy? What are the landmark cases in America, Europe and Africa(e.g Nigeria)

Answer 1

Antitrust laws, or competition laws, are laws which prohibit anti-competitive behavior and unfair business practices. The laws make illegal certain practices deemed to hurt businesses or consumers or both, or generally to violate standards of ethical behavior. Government agencies known as competition regulators regulate antitrust laws, and may also be responsible for regulating related laws dealing with consumer protection.

The term "antitrust" derives from the U.S. law which was originally formulated to combat "business trusts", now more commonly known as cartels. Other countries use the term "competition law". Many countries including most of the Western world have antitrust laws of some form. For example the European Union has its own competition law.

Answer 2

The anti-trust law simply states that you cannot control the market in a certain area. You must have competion. AT&T was divided into BellSouth, MaBell, and other companies because of a recent Anti-Trust decision. If a trust is established the consumer must pay whatever the trust deems as appropiate in order to receive that product or they must go without, you couldn't go to a competitor because there wouldn't be any. Trusts have a way of dieing on their own if the government doesn't become involved, people will get fed up of being done dirty and switch to any alternative the pops up. Brazil switched from OPEC oil to Ethanol to escape the strangle hold the oil companies had on fuel prices. Linux and Mac gained popularity when Microsoft controlled everything because people hated paying for everything that had a Microsoft name attached to it. Trusts were government sanctioned in their hayday, they called Teddy Roosevelt the Trustbuster, because it was during his administration that Anti-Trust laws were established. I don't know the history of the Anti-Trust laws of other countries.

Answer 3

This is a great question. You could say that the same reasons which make antitrust law desirable in America would make it desriable globally. After all, we don't want one or 2 powerful corporations running our world. But feasibility is your question, and it is a tough one. It seems that the feasibility of global antitrust laws will depend on how willing nations and/or international entities are to collaborate towards a common goal such as this one. The goal is mainly to preserve economic competition. This is tough because not all countries value competition like we do- China, Cuba... So who the hell knows, but it is a tough question that is very apropos for today's day in age.