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Anti-trust law - Definition and Overview |
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- Antitrust is also the name for a movie, see Antitrust (movie)
Antitrust or competition laws legislate against trade practices that undermine competitiveness or are considered to be unfair. The term antitrust derives from the U.S. law that was originally formulated to combat business trusts - now commonly known as cartels.
Criticism of antitrust laws
Nobel economist Milton Friedman believes says that antitrust laws "do far more harm than good" and that therefore they should not exist. Milton Friedman is an advocate of free markets.
Divisions
Most antitrust activity can be classified in the following areas:
Laws
Alabama became the first U.S. state to enact an antitrust law on February 23, 1883.
Most free-market countries have an antitrust law of one form or another. The European Union has its own competition law.
See also
External links
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