ion, described specific practices as a restraint of trade, exempted labor unions from the provisions of the antitrust laws, and created a regulatory agency, the Federal Trade Commission (FTC), to enact the antitrust laws. Restraint of trade, I would allow to remain illegal, but I would not describe monopoly power, or attempting to limit competition as a restraint of trade. I would allow the FTC to remain in action, but only to prevent unfair trade practices, which does not include limiting competition, and false or misleading advertising. The ideas of John Kenneth Galbraith are, in my opinion, true. The antitrust legislation in the US is outdated and based on outdated arguments. In our current economy we have more foreign competition than ever. In order to be efficient, and compete with foreign imports companies must limit competition. We now have to compete within the new global economy and not just our domestic one. As times and economies change, so should our laws relating to it. ...
