Any law restricting business practices considered unfair or monopolistic. The United States has the longest standing policy of maintaining competition among business enterprises through a variety of laws. The best known is the Sherman Antitrust Act of 1890, which declared illegal “every contract, combination . . . or conspiracy in restraint of trade or commerce.” Another important U.S. antitrust law, the Clayton Antitrust Act of 1914, as amended in 1936 by the Robinson–Patman Act, prohibits discrimination among customers through prices or other means; it also prohibits mergers of firms, or acquisitions of one firm by another, whenever the effect may be “to substantially lessen competition.”
In Europe, antitrust legislation received much attention after World War II, when provisions against restraint of competition were embodied in a number of national laws and international agreements. The Commission of the European Communities in Brussels regularly passes upon cases involving practices of companies trading in the Common Market; its decisions are based upon Articles 85 and 86 of the Treaty of Rome (1957), which deal with rules of fair competition.