Tuesday, January 28, 2020

International Monetary Fund Essay Example for Free

International Monetary Fund Essay The question â€Å"To what extent has the International Monetary Fund contributed in revamping the Nigerian economy since the 1980’s?† is a question that helps us to evaluate the true impact of international monetary policy.   In order to further understand the meaning of this question, this paper will examine the following subjects – 1) the meaning of the question, 2) the significance of the question for International Relations scholars, 3) how the question relates to other published work in the area, and 4) what methods would be employed to answer the question. First of all, the question is directly focused on economic impacts.   However, the question is not simply a matter of metrics, because the question is directed at procedural changes as well.   The question is focused on the restructuring of the Nigerian economy.   To only use economic metrics would fail to address the consequences restructuring entails.   When the IMF releases money to a country, they stipulate conditions that the country must meet. Therefore, the question is also directed at the matching the directives of the IMF with the implementation within Nigeria.   The question is not asking if the IMF has had a positive or negative impact on Nigeria, so value judgments can be left aside.   However, there are several hidden economic impacts.   Structural changes to the workforce, changes in occupations, and new roles within the economy are all more difficult to measure, but can be considered a result of economic policy.    Therefore, the question means 1) what are the economic stipulations of the IMF from the 1980’s until now, 2) has the Nigerian government met the requirements of the IMF, 3) what restructuring has occurred within the Nigerian economy as a result of the IMF, 4) what economic measures can be attributed to these changes, and 5) what are the indirect economic impacts of the IMF policies. International relations scholars are interested in this question because the answers yield important data on the impacts of policy.   International relations scholars are often consulted on questions of policy.   It is therefore in their best interest to know the impacts of policies made in the past.   In this regard, they are historians.   First of all, it is critically important for International Relations scholars to understand what the IMF has attempted to revamp within the Nigerian economy by tracing the stipulations as they were made. Additionally, the scholar can look at the Nigerian government’s ability to meet the demands of the IMF.   How well were they able to integrate the changes required by the IMF.   Were there consequences that required new policies in the future?   In tracing these policy changes, the scholar can also piece their own picture together of what the IMF did well (what was effective), and what changes needed to be made in direction in order to achieve effectiveness.   They can also have a unique insight into the culture and politics of Nigeria, as well as the internal culture and politics of the IMF. At this point, the International Relations scholar can also know what economic measures are affected by differing types of policies and requirements.   Additionally, they can make recommendations on what types of correlations can be found between initiative and their impact.   Perhaps some of the most valuable information for International Relations scholars, however, is related to the indirect impact of the IMF’s policies. When looking at the restructuring of the Nigerian economy, the International Relations scholar is able to examine the changes within the population, how people moved around, the changes in families, etc.   This type of information allows for a more comprehensive picture of economic change and the effects policy can have on cultural change.   Also, this may highlight the challenges represented by a more powerful entity interacting with a less powerful entity on a global scale. There has been much written about Nigeria since the 1980’s.   There are environmental reports, malnutrition reports, and economic reports.   However, these all approach Nigeria from a different perspective than the direction of this question.   This question seeks to directly explore the impact of IMF policies and economic aid on the revamping of the Nigerian economy.   As such, this question seeks to provide supporting information of the changes in Nigeria.   It seeks to trace change related to IMF policies alone.    It is impossible to completely know what current conditions in Nigeria are caused solely or even primarily by the IMF policies, however by focusing on the IMF, widespread impacts can be evaluated from IMF policies.   It is taking the infusion of money and change of monetary policy as the starting point and looking for the economic aspects affected.   One of the main sources for research on these types of development programs is found with the World Bank.   A particularly useful document is â€Å"The Evolution of Poverty and Welfare in Nigeria, 1982 – 1992.†[1]Using this document and also information from the IMF, the scholar can tie together the policies of the IMF and the effects. In order to study such a complex issues, a rigorous approach will need to be taken.   It is the most difficult to know the indirect impacts of the IMF’s economic policies.   It is undesirable to claim that changes were a result of IMF policy, if in fact, they owed their existence to a governmental or environmental change.   However, the economy is so closely entwined with all aspects of life, the implications of the IMF policies will be seen to have far-reaching consequences. Therefore, we can begin by examining the Nigerian economy and economic statistics in 1980, and comparing them with the present day to get snapshots of the economic health of Nigeria at these two points in time.   These snapshots, however, encompass other economic influences other than the IMF programs.   Then the specific policies of the IMF and their objectives are compared to the resulting economic changes to see if the stated goals have been achieved via metrics. Also involved in this analysis is the ability of the Nigerian government to implement the changes required by the IMF.  Ã‚   This area of analysis is perhaps the easiest, as the initiatives of the IMF are easily available.   However, information on the implementation and the implementation’s challenges may be more difficult to find.   Looking at a timeline of IMF policies, one can also deduce what was effective or not effective.   If a policy was ineffective, then in a later cycle we should find a correction or an abandonment of the program. The internal structure of the government and economy can also be viewed.   The way that money flows and what directions can be measured.   It is important to see structural change since the 1980’s.   The Nigerian government worked with the IMF to develop the National Economic and Empowerment Development Strategy in 2004.[2]   This document reviews previous policy and also lays the groundwork for future work between the IMF and the Nigerian government. This report focuses on structural changes – highlighting the importance of revamping the Nigerian economy. Additionally, looking at the basic economic unit – the household – can show structural changes ass well.   By looking at these structural changes, the real question about revamping the economy can be answered.   Of course, this type of analysis also looks at the indirect effects of economic change.   These are difficult to measure, but by tracing newspaper stories and major events in Nigeria, it may be possible to trace events back to economic policy decisions. Overall, the question of the effectiveness of the IMF’s policies to restructure the Nigerian economy is a very important question with implications for future policy consideration and also a deeper understanding of the past. Now that the world is becoming smaller and national boundaries are being crossed with money and policy, it is more important than ever to understand the impact of economic policy.   Additionally, with the prevalence of capitalism and modernization, the effects of economic policy on third world nations must have a thorough understanding. Reference List International Monetary Fund, The Nigerian Economic Reform Program, IMF, 2005, retrieved 10 January 2007 http://www.imf.org/external/country/NGA/index.htm    World Bank, The Evolution of Poverty and Welfare in Nigeria, 1985-92, World Bank, 1997, retrieved 10 November, 2007, http://www4.worldbank.org/afr/poverty/databank/DocNav/default.cfm [1] World Bank, The Evolution of Poverty and Welfare in Nigeria, 1985-92, World Bank, 1997, retrieved 10 November, 2007, http://www4.worldbank.org/afr/poverty/databank/DocNav/default.cfm [2] International Monetary Fund, The Nigerian Economic Reform Program, IMF, 2005, retrieved 10 January 2007 http://www.imf.org/external/country/NGA/index.htm

Monday, January 20, 2020

Essay on The Awakening -- Chopin Awakening Essays

Critical Views of The Awakening      Ã‚  Ã‚   The Awakening, written by Kate Chopin, is full of ideas and understanding about human nature. In Chopin's time, writing a story with such great attention to sensual details in both men and women caused skepticism among readers and critics. However, many critics have different views with deeper thought given to The Awakening. Symbolism, the interpretation of Edna's suicide, and awakenings play important roles in the analysis of all critics.    Symbolism in The Awakening is interpreted in many ways. It is important to understand the meaning of each explanation of symbolism given by every critic to fully appreciate the novel. Art, for example, becomes a symbol of both freedom and failure(Wyatt). It is through the process of trying to become an artist that Edna reaches the highest point of her awakening(Wyatt). Clothes are also significant in discovering symbolism. When Edna is first introduced she is fully dressed. Gradually, she disrobes until finally she goes into the water to die, completely naked. Her undressing symbolizes the shedding of societal rules in her life, her growing awakening, and it stresses her physical and external self(Wyatt). Two modern critics, Neal Wyatt and Harold Bloom, agree that Edna is symbolized for her "quest for self-discovery or self-hood." Edna feels caged, which makes her quest very difficult. The use of birds in the story helps the reader understand Edna's feeling of entrapment and the inab ility to communicate(Wyatt). Much like the shedding of clothes, birds symbolize freedom and escape from being caged. The ability to spread your wings and fly is a symbolic theme that occurs often in the novel(Wyatt).    Many readers do not like the ending... ...r that many people of her time found unladylike or even perverted. However, as time has passed and readers as well as critics find it easier to talk about sensual emotions, Chopin is now known as one of the most respected and brilliant writers that ever lived. Women had the feelings she wrote about and life was as discriminating as she described it, but only Kate Chopin had the courage to tell about it. Critics have given deep thought to The Awakening and with each analysis one reads, comes a new and unique awakening.    Works Cited Gilbert, Sandra J.   "The Novel of the Awakening."   Bloom, Harold, ed. Modern Critical Views: The Awakening, Kate Chopin Rosowski, Sandra M. "The Second Coming of Aphrodite."   Bloom, Harold, ed. Modern Critical Views:   Kate Chopin; Chelsea House :   New York,   1987. Wyatt, Neal. "Suicide". http.//www.vcu.edu/engweb/eng384

Sunday, January 12, 2020

Belbins Roles In Learning Education Essay

This study is all about our group work. How we formed the group and completed the work. What jobs we faced and how we overcome them. Theories we used and the acquisition ‘s. My study is divided into 2 parts: A and B. Part A – how we did it – procedure Part B – what we did – contentPart – AngstromWhilst working in the group we experienced so many things, we besides learn how of import group work is. We besides learnt how to work in the group as a squad participant. We besides noticed as a group we had gone through all the phases which are said by B W Tuckman, which is as follows:FORMINGThis is the phase where we formed our group. We were in group â€Å" D † which was formed by our professor indiscriminately and I got the chance to take the group with the common consent of all group members. Our group consist of 6 members and their descriptions are follows:NameBelbin functionsDescriptionStrengthsFailingShatrughna ( raj )squad leaderTeam worker Cares for persons and the squad. Good hearer and works to decide societal jobs. Can hold jobs doing hard determinations. Co-operative, mild, perceptive and diplomatic Listens, physiques, averts clash Indecisive in crunch state of affairssVijay SinghCompleter Closer Faithfully sees things through to the terminal, pressing out the furrows and guaranting everything plants good. Can worry excessively much and non trust others. Painstaking, careful and dying Searchs out errors and skips Delivers on clip Inclined to worry overly Unwilling to deputeShervinCo -ordinator Respected leader who helps everyone focal point on their undertaking. Can be seen as overly commanding. Mature, confident, a good president Explains ends, promotes decision-making, delegates good Can frequently be seen as manipulative Off tonss personal workGinsySpecialist Has expert knowledge/skills in cardinal countries and will work out many jobs here. Can be disinterested in all other countries. Single-minded, self-starting, dedicated Provides cognition and accomplishments in rare supply Contributes merely on a narrow forepart Dwells on triflesKayMaker Tonss of energy and action, disputing others to travel forwards. Can be insensitive. Challenging, dynamic and thrives on force per unit area The thrust and bravery to get the better of obstructions Prone to aggravation Offends people ‘s feelingsAZeeshanResource research worker Explores new thoughts and possibilities with energy and with others. Good networker. Can be excessively optimistic and lose energy after the initial flower. Extrovert, enthusiastic, communicative Explores chances Develops contacts Over-optimistic Loses involvement one time initial enthusiasm has passed From the above tabular array we can understand that we had every possible Belbin ‘s characters in our group. Bing the leader of the group I had the duty of our success and failure. My biggest challenge was to maintain integrity within the group and at the same clip I had to concentrate on our undertaking: things like subject, research and all. First thing I did was the debut session, where we all sat together in the canteen and introduced ourselves to each other. In that clip we didnt speak anything about our subject and undertaking. The chief thought was to cognize each other really good so that everyone feels comfy in working together. Following measure was how we will pass on with each other so I made a private web site for our squad where we all can come any clip and unrecorded confab, web log, remark and interchange our thoughts.www.freewebs.com/time4studyLearning:High dependance on leader for counsel and way. Small understanding on squad aims other than received from leader. Individual functions and duties are ill-defined. Leader must be prepared to reply tonss of inquiries about the squad ‘s intent, aims and external relationships. Procedures are frequently ignored. Members test tolerance of system and leader. Leader directs ( similar to Situational LeadershipA ® ‘Telling ‘ manner ) .STORMINGThis is the phase where I realised the importance of Belbin ‘s theory. Before get downing the undertaking we had to take a subject so I came up with several subjects. When I put my thoughts in forepart of everyone, I got different responses from different people, as said in belbin ‘s theory people started demoing their characters. We all were confused, tensed and started sort of contending. Thingss were looking truly bad and I was truly disquieted about the integrity in the group. I besides saw a sort of group formation within our group. Then I personally approached everyone. I spoke to them separately about what ‘s incorrect. What is the job? I tried my best to convert them about the importance of integrity and fortuitously I got a positive response. Actually there was no job ; it ‘s merely the clang of different personalities. And subsequently on everyone realised that. So eventually we decided on one subject and consulted our coach about our thought. We got really good response from our coach and once more we were happy and united.Learning:Decisions do n't come easy within group. Team members vie for place as they attempt to set up themselves in relation to other squad members and the leader, who might have challenges from squad members. Clarity of purpose additions but plentifulness of uncertainnesss persist. Cliques and cabals signifier and there may be power battles. The squad needs to be focused on its ends to avoid going distracted by relationships and emotional issues. Compromises may be required to enable advancement. Leader managers ( similar to Situational LeadershipA ® ‘Selling ‘ manner ) .NORMINGNow everything was clear, there was no misinterpretation and most significantly we knew our subject of research. This is the phase where people started sharing their jobs with each other and recognized my function as a squad leader. Now I wanted to organize everything decently so that we do n't halt in the center. I distributed the work and gave them the option for any alterations. I asked everyone separately if they are happy or non. Again I had to do some alterations in our programs for their convenience. Now, we knew precisely what everyone had to make. Everyone knew their functions, their country of research and work. We all started concentrating on our portion of research.Raj( Research, information assemblage, organizing, accounts, debut and decision, assisting everyone )Vijay( Problems, types, illustrations, impact, planing, )Ginsy( Psychological jobs, impact )Shervin( Solutions and recommendations )ZeeshanHelping custodiesKayHelping custodiesLearning:Agreement and consensus is mostly formed amongst squad, who respond good to facilitation by leader. Roles and duties are clear and accepted. Large determinations are made by group understanding. Smaller determinations may be delegated to persons or little squads within group. Commitment and integrity is strong. The squad may prosecute in merriment and societal activities. The squad discusses and develops its procedures and working manner. There is general regard for the leader and some of leading is more shared by the squad. Leader f acilitates and enables ( similar to the Situational LeadershipA ® ‘Participating ‘ manner ) .ActingUndertakings were given now the clip was to execute and everyone had to demo their quality. Result was flooring. We all shared our work and we all were really happy to see that we were on the right path. Personally, I was really happy to see the quality of our work. Everyone had done tonss of difficult work which was demoing in the research stuff. I had great trouble while finalizing the presentation. I was confused about what to see in the presentation and what should go forth. Fortunately everyone were collaborating and believing about what is best for the group. We finished our presentation and were thirstily waiting for showing it in forepart of everyone.Learning:The squad is more strategically cognizant ; the squad knows clearly what it is making and why it is making. The squad has a shared vision and is able to stand on its ain pess with no intervention or engagemen t from the leader. There is a focal point on over-achieving ends, and the squad makes most of the determinations against standards agreed with the leader. The squad has a high grade of liberty. Disagreements occur but now they are resolved within the squad positively and necessary alterations to procedures and construction are made by the squad. The squad is able to work towards accomplishing the end, and besides to go to to relationship, manner and procedure issues along the manner. Team members look after each other. The squad requires delegated undertakings and undertakings from the leader. The squad does non necessitate to be instructed or assisted. Team members might inquire for aid from the leader with personal and interpersonal development. Leader delegates and oversees ( similar to the Situational LeadershipA ® ‘Delegating ‘ manner ) .ADJOURNINGLearning:Tuckman ‘s 5th phase, Adjourning, is the break-up of the group, hopefully when the undertaking is compl eted successfully, its intent fulfilled ; everyone can travel on to new things, experiencing good about what ‘s been achieved. From an organisational position, acknowledgment of and sensitiveness to people ‘s exposures in Tuckman ‘s 5th phase is helpful, peculiarly if members of the group have been closely bonded and experience a sense of insecurity or menace from this alteration. Feelingss of insecurity would be natural for people with high ‘steadiness ‘ properties ( as respects the ‘four dispositions ‘ or DISC theoretical account ) and with strong modus operandi and empathy manner ( as respects theA BenzigerA believing manners theoretical account, right and left basal encephalon laterality ) .Part – BacillusWhat is our subject? Our subject of presentation and research was â€Å" employee favoritism † Why we chose this subject? While analyzing human resources we noticed that we did n't discourse about diverseness and favoritism and this is the biggest job faced by all administrations because of globalization. We thought this is a alone subject and everyone will acquire the opportunity to larn how favoritism impacts and what is the solution. After all today or tomorrow we all are traveling to confront this job.My part:As a squad leader I had to take the enterprise and inspire others from my work. I started posting my work on our web site. I did research on – Diversity and favoritism, Meaning and definitions London as a diverse metropolis Problems and impact Solutions and recommendations Laws and moralss My entire work was around 10,000 words. ( Can be viewed on our web site ) hypertext transfer protocol: //time4study.webs.com/apps/blog/My work methodological analysis:Undertakingaˆ? specify the undertaking aˆ? make the program aˆ? allocate work and resources aˆ? control quality and rate of work aˆ? cheque public presentation against program aˆ? adjust the programTeamaˆ? maintain subject aˆ? physique squad spirit aˆ? encourage, motivate, give a sense of intent aˆ? appoint sub-leaders aˆ? guarantee communicating within group aˆ? develop the groupMembershipSize of the groupCompatibility of membersDiversenessIndividualaˆ? attend to personal jobs aˆ? congratulations persons aˆ? give position aˆ? recognize and utilize single abilities aˆ? develop the personCardinal Drivers:Group coherence + public presentationStructure and mannerManagement and leadingSuccessExternal menaceWork environmentNature ofthe undertakingPhysicalputingCommunicationTechnologyGroup development and adulthoodFormingRampingNormingPerformingLearning as Team leader:Learning as team leader:Ideal taking mannerAsking inquiries alternatively of giving repliesBy inquiring such inquiries such as â€Å" What do you believe we should make? † or â€Å" How make you propose we continue? † you take a measure behind another individual. Whether you stay behind, of class, depends on your purpose to really follow the suggestion or reply of that other individual.Supplying chances for others to take youThis goes beyond the traditional impression of looking for growing chances for other people. Unless the chance in inquiry bears a existent hazard for your personal public presentation result, you are non really positioning yourself as a follower.Ma king existent work in support of others alternatively of merely the contraryRolling up your arms and lending â€Å" perspiration equity † to the attempts and results of other people earns you their grasp as person upon whom they can depend, irrespective of the comparative hierarchical or functional place each of you holds.Leader must follow are:Individual public presentationAs a leader, you must follow another person, irrespective of hierarchy, if: aˆ? That person, through experience, accomplishment, and opinion, knows best. aˆ? That person ‘s growing demands that you invest more in his or her accomplishment and assurance than in your ain. aˆ? Merely that single, non you, has the capacity ( the clip and chance ) to â€Å" acquire it done †Team public presentationAs a leader, you must follow the squad if: aˆ? The squad ‘s intent and public presentation ends demand it aˆ? The squad, non you, must develop accomplishments and assurance aˆ? The squad ‘s agreed-upon working attack requires you, like all the others, to make existent workOrganizational public presentationAs a leader, you must follow others, irrespective of hierarchy, if: aˆ? The organisation ‘s intent and public presentation ends demand it aˆ? The demand for spread outing the leading capacity of others in the organisation requires it aˆ? â€Å" Living † the vision and values enjoins you to make soFive transformational manners:Transformational StyleLeader Behaviour1 ) Idealized Behaviors: populating one ‘s ideals aˆ? Talk about their most of import values and beliefs aˆ? Specify the importance of holding a strong sense of intent aˆ? See the moral and ethical effects of determinations aˆ? Champion exciting new possibilities aˆ? Talk about the importance of swearing each other2 ) Inspirational Motivation:animating others aˆ? Talk optimistically about the hereafter aˆ? Talk enthusiastically about what needs to be accomplished aˆ? Articulate a compelling vision of the hereafter aˆ? Express assurance that ends will be achieved aˆ? Provide an exciting image of what is indispensable to see aˆ? Take a base on controversial issues3 ) Intellectual Stimulation:exciting others aˆ? Re-examine critical premises to oppugn whether they are appropriate aˆ? Seek differing positions when work outing jobs aˆ? Get others to look at jobs from many different angles aˆ? Suggest new ways of looking at how to finish assignments aˆ? Encourage non-traditional thought to cover with traditional jobs aˆ? Encourage rethinking those thoughts which have ne'er been questioned before 4 ) Individualized Consideration: coaching and development aˆ? Spend clip instruction and coaching aˆ? Treat others as persons instead than merely as members of the group aˆ? Consider persons as holding different demands, abilities, and aspirations from others aˆ? Help others to develop their strengths aˆ? Listen attentively to others ‘ concerns aˆ? Promote ego development5 ) Idealized Properties:Respect, trust, and religion aˆ? Instill pride in others for being associated with them aˆ? Go beyond their opportunisms for the good of the group aˆ? Act in ways that build others ‘ regard aˆ? Display a sense of power and competency aˆ? Make personal forfeits for others ‘ benefit aˆ? Reassure others that obstructions will be overcomeDecisionAlthough non every group got to the harmonic public presentation phase, I felt really lucky to be portion of a cohesive group. Our group went through all five phases described by Tuckman. As we were schoolmates in the same class, we went through phase one really rapidly. The storming phase largely evolved in the first hebdomad when we discussed which sort of subject we should take. However, every struggle was dealt with rapidly and swimmingly, this was partially because we knew each other really good already, and besides because no 1 of us had a ascendant personality, and I would wish to state everyone in our group was really nice, helpful and difficult working. So every bit long as we decided to make the undertaking, we shortly engaged to norming phase and put up the regulations each one should follow. We did back up each other, and our communicating had ever been really good. Based on the successful old phases, our g roup performed really good, successfully developed the presentation. Finally, although our undertaking had finished, all five of us became really good friends, and maintain in good touch boulder clay now. After reexamining the theories together with my ain experience, I would reason that, in pattern, many groups can work good even without consciousness of this theoretical account. However, with these theoretical accounts ‘ aid, we can break understand what is go oning and traveling to go on during group development, and this consciousness can assist us to better decide any possible jobs and acquire to the perform phase more rapidly.

Saturday, January 4, 2020

About the Clayton Antitrust Act of 1914

The Clayton Antitrust Act of 1914, was enacted on October 15, 1914, with a goal of strengthening provisions of the Sherman Antitrust Act. Enacted in 1890, the Sherman Act had been the first federal law intended to protect consumers by outlawing monopolies, cartels, and trusts. The Clayton Act sought to enhance and address weaknesses in the Sherman Act by preventing such unfair or anti-competitive business practices in their infancy. Specifically, the Clayton Act expanded the list of prohibited practices, provided a three-level enforcement process, and specified exemptions and remedial or corrective methods. Background If trust is a good thing, why does the United States have so many â€Å"antitrust† laws, like the Clayton Antitrust Act? Today, a â€Å"trust† is simply a legal arrangement in which one person, called the â€Å"trustee,† holds and manages a property for the benefit of another person or group of people. But in the late 19th century, the term â€Å"trust† was typically used to describe a combination of separate companies. The 1880s and 1890s saw a rapid increase in the number of such large manufacturing trusts, or â€Å"conglomerates,† many of which were viewed by the public as having too much power. Smaller companies argued that the large trusts or â€Å"monopolies† had an unfair competitive advantage over them. Congress soon began to hear the call for antitrust legislation. Then, as now, fair competition among businesses resulted in lower prices for consumers, better products and services, greater choice of products, and increased innovation. Brief History of Antitrust Laws Advocates of antitrust laws argued that the success of the American economy depended on the ability of small, independently owned business to compete fairly with each other. As  Senator John Sherman  of Ohio stated in 1890, â€Å"If we will not endure a king as a political power we should not endure a king over the production, transportation, and sale of any of the necessaries of life.†   Ã‚   In 1890, Congress passed the  Sherman Antitrust Act  by nearly unanimous votes in both the  House  and  Senate. The Act prohibits companies from conspiring to restrain free trade or otherwise monopolize an industry. For example, the Act bans groups of companies from participating in â€Å"price fixing,† or mutually agreeing to unfairly control prices of similar products or services. Congress designated the  U.S. Department of Justice  to enforce the Sherman Act.   In 1914, Congress enacted the  Federal Trade Commission Act  prohibiting all companies from using unfair competition methods and acts or practices designed to deceive consumers. Today the Federal Trade Commission Act is aggressively enforced by the Federal Trade Commission (FTC), an independent agency of the executive branch of government. Clayton Antitrust Act Bolsters the Sherman Act Recognizing the need to clarify and strengthen the fair business safeguards provided by the Sherman Antitrust Act of 1890, Congress in 1914 passed an amendment to the Sherman Act called the  Clayton Antitrust Act. President Woodrow Wilson signed the bill into law on October 15, 1914. The Clayton Act addressed the growing trend during the early 1900s for large corporations to strategically dominate entire sectors of business by employing unfair practices like predatory price fixing, secret deals, and mergers intended only to eliminate competing companies. Specifics of the Clayton Act The Clayton Act addresses unfair practices not clearly prohibited by the Sherman Act, such as predatory mergers and â€Å"interlocking directorates,† arrangements in which the same person makes business decisions for several competing companies. For example, Section 7 of the Clayton Act bans companies from merging with or acquiring other companies when the effect â€Å"may be substantially to lessen competition, or to tend to create a monopoly.† In 1936, the  Robinson-Patman Act  amended the Clayton Act to prohibit anticompetitive price discrimination and allowances in dealings between merchants. Robinson-Patman was designed to protect small retail shops against unfair competition from large chain and â€Å"discount† stores by establishing minimum prices for certain retail products. The Clayton Act was again amended in 1976 by the  Hart-Scott-Rodino Antitrust Improvements Act, which requires companies planning major mergers and acquisitions to notify both the Federal Trade Commission and the Department of Justice of their plans well in advance of the action. In addition, the Clayton Act allows private parties, including consumers, to sue companies for triple damages when they have been harmed by an action of a company that violates either the Sherman or Clayton Act and to obtain a court order prohibiting the anticompetitive practice in the future. For example, the Federal Trade Commission often secures court orders banning companies from continuing false or deceptive advertising campaigns or sales promotions. The Clayton Act and Labor Unions Emphatically stating that â€Å"the labor of a human being is not a commodity or article of commerce,† the Clayton Act forbids corporations from preventing the organization of labor unions. The Act also prevents union actions such as strikes and compensation disputes from being in antitrust lawsuits filed against a corporation. As a result, labor unions are free to organize and negotiate wages and benefits for their members without being accused of illegal price fixing. Penalties for Violating the Antitrust Laws The Federal Trade Commission and the Department of Justice share the authority to enforce the antitrust laws. The Federal Trade Commission can file antitrust lawsuits in either the federal courts  or in hearings held before  administrative law  judges. However, only the Department of Justice can bring charges for violations of the Sherman Act. In addition, the Hart-Scott-Rodino Act gives the state attorneys general authority to file antitrust lawsuits in either state or federal courts. Penalties for violations of the Sherman Act or the Clayton Act as amended can be severe and can include criminal and civil penalties: Violations of the Sherman Act:  Companies violating the Sherman Act can be fined up to $100 million. Individuals – typically executives of the violating corporations—can be fined up to $1 million and sent to prison for up to 10 years. Under federal law, the maximum fine may be increased to twice the amount the conspirators gained from the illegal acts or twice the money lost by the victims of the crime  if either of those amounts is over $100 million.Violations of the Clayton Act:  Corporations and individuals violating the Clayton Act can be sued by the people they harmed for three times the actual amount of the damages they suffered. For example, a consumer who spent $5,000 on a falsely advertised product or service can sue the offending businesses for up to $15,000. The same â€Å"treble damages† provision can also be applied in â€Å"class-action† lawsuits filed on the behalf of multiple victims. Damages also include attorneys fees and other cour t costs. The Basic Objective of Antitrust Laws Since the enactment of the Sherman Act in 1890, the objective of the U.S. antitrust laws has remained unchanged: to ensure fair business competition in order to benefit consumers by providing incentives for businesses to operate efficiently thus allowing them to keep quality up and prices down. Antitrust Laws in Action Breakup of Standard Oil While charges of violations of the antitrust laws are file and prosecuted every day, a few examples stand out due to their scope and the legal precedents they set. One of the earliest and most famous examples is the court-ordered 1911 breakup of the giant Standard Oil Trust monopoly. By 1890, the Standard Oil Trust of Ohio controlled 88% of all oil refined and sold in the United States. Owned at the time by John D. Rockefeller, Standard Oil had achieved its oil industry domination by slashing its prices while buying up many of its competitors. Doing so allowed Standard Oil to lower its production costs while increasing its profits.In 1899 the Standard Oil Trust was reorganized as the Standard Oil Co. of New Jersey. At the time, the â€Å"new† company owned stock in 41 other oil companies, which controlled other companies, which in turn controlled yet other companies. The conglomerate was viewed by the public – and the Department of Justice as an all-controlling monopoly, controlled by a small, elite group of directors who acted without accountability to the industry or the public.In 1909, the Department of Justice sued Standard Oil under the Sherman Act for creating and maintaining a monopoly and restricting interstate commerce. On May 15, 1911, the U.S. Supreme Court upheld the lower court’s decision declaring the Standard Oil group to be an unreasonable monopoly. The Court ordered Standard Oil broken up into 90 smaller, independent companies with different directors.