Lesson 24: Regulation

Federal Trade Commission (FTC)-

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Federal Trade Commission (FTC)- Is a regulatory body that exists to enforce anti-trust legislation. On this commission, there are five commissioners who are assisted with both economists and lawyers.

These three major acts provide the basis for modern anti-trust legislation that prevents anti-competitive behaviors in the economy. Aside from these changes, other changes swept across the nation in the early 20th century in regards to regulating the economy, which came from support for labor movements, like early unions. Unions pushed for changes in the market that would benefit the average American worker. In all these pushes, among other things, the U.S. officially passed the Fair Labor Standards Act of 1938, which:

Most of the modern benefits we reap from government intervention today can mostly be traced back to early interventions such as what was discussed before. The government established many of the modern rules for the economy that ensure a healthy economy today.

Closure: While you may or may not agree with the overt power of the government in the economy, much of what we have in our economy today can be boiled down to the protections the government provides. While they may slightly hinder the economy in various ways, such as preventing people to “vote with their dollars”, many of these laws promote the production of goods and services that are good for society, provide protections for the poorest of society, and provide safety for consumers and other firms.

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