3 major federal anti-trust laws in US aimed at encouraging competition are:-
i) The Sherman Act passed in 1890 & aimed at restraint of trade & monopolization of interstate &foreign commerce.
ii) The Clayton Act passed in 1914 to overcome the failures of Sherman Act. It attempts to nip monopolize in the business by specifying practices that monopolists used to gain monopoly power.
iii)The Federal Trade Commission Act, 1914 to prohibit unfair methods of competition.
These laws ensure free and open competition thereby bringing benefits by way of lower prices, new and better products, etc.
The UK Competition Act 1988 came into force in 01.03.2000 aimed at prohibiting the agreements with the objective of preventing, restricting of distorting competitions which directly or indirectly fix prices, trading conditions limit/control products, markets sources of supply.
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