Business Ethics and Corporate Social Responsibility

In: Business and Management

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Business Ethics and Corporate Social Responsibility
April Duhon
DeVry University

The United States has several laws that are intended to further fair, balanced, and competitive business practices. Do you think that such laws are effective? If so, why? If not, why not? The effectiveness of the laws that the United States have that are intended to further fair, balanced, and competitive business practices depends on how ethical a business is. Below I will explain why I do not believe these laws are effective due to the way ethical businesses follow the law and unethical businesses do not follow the law. In response to the growth of monopolies that threatened to destroy competition in the marketplace Congress passed the Sherman Antitrust Act in 1890. According to the Encyclopedia of White-Collar & Corporate Crime, “The Sherman Act was officially enacted because companies in various industry groups were attempting to eliminate their competition in the marketplace, thus hurting the economy.” (Encyclopedia of White-Collar & Corporate Crime, 2004, p. Introduction) The Sherman Act has two provisions in place to prevent this. The first stops the restraints of trading between states or foreign nations and the second makes monopolies illegal. The penalties for violating the Sherman Act are severe and include prison time of up to 10 years and a $1 million dollar fine for Individuals and $100 million dollar fines for businesses. The Clayton Act was passed by congress in 1914 to clarify and strengthen the Sherman Act. As stated by Britannica, “…the Clayton Act defined as illegal certain business practices that are conducive to the formation of monopolies or that result from them.” (Clayton Antitrust Act, 2014, http://www.britannica.com.proxy.devry.edu/EBchecked/topic/120766/Clayton-Antitrust-Act) Although the Sherman Act has severe consequences, when implemented, it…...

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