Antitrust Laws: Its Historical Perspective And Emergence In India And USA

Gaganpreet Kaur Gill, Chandigarh University, Mohali, Punjab

ABSTRACT

Anti-trust laws which are also known as “Competition law” plays an vital role in shaping the business conduct , influences economic policy of a nation, produces both opportunities and hindrances for people business and government across the world. Anti trust laws are a body of statutes which help to formulate and strengthen the markets with more competitive spirit by preventing anti-competitive business practices, and misuse of monopoly. Moreover, Competition law regimes everywhere face similar problems and issues. It aims is to promote economic efficiency. However, for equitable competition there are three folds - “allocative efficiency, productive efficiency and dynamic efficiency.” Hence, the above mentioned folds have been adopted by the countries as the fundamental principles for effective regulation and implementation of the antitrust laws. It prohibits price fixing, anticompetitive mergers, and practices designed to achieve or maintain a monopoly position. In USA, such practices are prohibited or held as illegal with the implementation of the Sherman Act and Clayton Act whereas in India, Competition law is regulated by the Competition Act, 2002 with aim to combat anti-competitive practices. This research paper aims to provide a deeper insight regarding the evolution of the Antitrust laws in the countries like India and USA and implementation of this laws since 19th century and the changes that have been brought till the date. The research paper also aims to analyse the role and functions of antitrust laws.

Keywords: Antitrust laws, Monopoly, Anti-Competitive Agreements, Sherman Act, anticompetitive agreements