Business Law Paper Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

Business Law Paper Case Study Analysis

The Aristotle’s philosophy (law is order, and good law is good order) is very accurate and it fits into the modern industrial trends. It is because, the implementation of laws and regulations create order system in the whole economy. The adoption of laws create a smooth flow in the economic and the social conditions. Institutions, agencies, sectors and even general public avoid acts, which are unlawful. These precautions create order in the society. In order to keep the economic and the society conditions smooth and in good order; the government needs to implement good laws, which is in accordance with the Aristotle’s’ views. Similarly, the aim of antitrust laws is to promote fair competition and practices in the industry. Its objective is to decompose the monopolies created by the large industry player. The standard oil corporation controls the majority oil production, processing, marketing and distribution of oil in the United States (Encyclopedia Britannica).

These antitrust laws establish a wealthy and prosperous society by removing the monopoly and other restrained market competition actions by firms like Standard Oil. It is because, the monopoly creates an ownership of the sole producer over the product and the single seller has the capacity to drive the market prices up. These actions reduce the consumer’s purchasing [power as high prices increase the inflation rate of the economy. The products become expensive for the general public and they would be left with no option but to purchase it from somewhere else, because of the cartels or monopoly created.

These monopolies do not only affect the wealth of the customers, but they also stop innovation and commercial excellence, as the competition brings innovation and excellence into the production by bringing new techniques and unique product categories. However, these firms cut such innovation levels through the absence of any competition and innovation is a very important factor for a society’s well-being. To stop such unlawful practices and to keep sustainable price of the innovation levels; the government needs to intervene by removing such cartel and monopolies, and these acts can only be hindered by implementing the antitrust laws.

In addition, the society gets benefitted, as the GDP of the economy improves, as the antitrust laws create competition, generate employment, increase investment and bring up innovation. It keeps the operations of competitive systems effective. The government implements antitrust laws to enforce competition, which leads to price cutting, differentiation and other tactics, bringing in more customers. Competition is the god of the economy’s health, a sit brings employment and it stimulates the businesses to adopt modern technologies and bring innovation through introducing efficiency into the production (U.S. Department of Justice Washington, DC 20530).

However, the most important reasons why antitrust laws should be applied to modern companies are to ensure that the market is opened up to the fair competition. There is a need to understand that fair competition is critical to business growth, which effectively translates to economic development. Small businesses and startups provide important opportunities for employment to individuals in the United States. The reduced rates of employment are critical indicators of economic growth.

By applying these laws; the government will effectively accomplish its legal responsibility for ensuring that fair competition is promoted with in various industries. In addition to that, applying these laws to modern businesses will be vital in ensuring that an environment is established in which small businesses and startups can thrive, grow and become effectively competitive in the market. It is on this basis that it would be important for the Government of the United States to apply antitrust laws to modern companies. The conclusion can be made that Aristotle’s philosophy was in line with the modern practices of enforcing laws for maintaining the order system in the economy, in order to make it more prosperous and competitive....................

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