Introduction
The most powerful industries in the United States were called “trusts” in the 19th century, and they controlled industries such as steel and oil and exploited consumers and businesses. In order to prevent this situation, the United States passed the Sherman Antitrust Act in 1890, the first American law to eliminate antitrust and regulate fair competition.
Competition law was not there in the England in the 19th century. It only targeted commercial organizations and monopolists. However, after World War II, England passed stricter laws, such as the Restrictive Trade Practices Act of 1956. Later, the Fair Trading Act of 1973 established the Office of Fair Trading to monitor mergers and acquisitions, but it lacked transparency. In the 1990s, the United Kingdom passed the Competition Act 1998 and the Enterprises Act 2002, which promoted transparency and regulation of competitive conduct.
In Europe, the 1957 Treaty of Rome provided the basis for competition law, prohibiting cartels and abuse of dominant market power. The European Commission now enforces these rules with the authority it derives from new regulations such as Council Regulation 17/62 and the Digital Markets Act, 2002.
