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The first section in the Sherman Antitrust Act declared that “Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among several States, or with foreign nations, is hereby illegal.” The second section summed up the punishment that would be enforced if businesses violated the first section.
In 1914 Congress passed the Clayton Antitrust Act and the Federal Trade Commission Act (FTC), which declared “specific monopolistic practices and unfair methods of competition” illegal. The Clayton Act was solid, but the FTC Act was too
broad and ineffective for about 20 years...
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