What is Antitrust Law?
Antitrust laws are a set of laws and regulations designed to promote competition and prevent monopolies or cartels from engaging in anti-competitive practices such as price fixing, bid rigging, and market allocation. These laws aim to protect consumers and ensure a level playing field for businesses.
Historical Background
The first antitrust law was the Sherman Antitrust Act of 1890 in the United States. India's equivalent is the Competition Act, 2002, which replaced the MRTP Act, 1969.