A. BUSINESS REGULATION THEORY AND PRACTICE

Federal regulation of American industry goes back more than a century to the founding of the Interstate Commerce Commission (ICC) in 1887. The ICC was designed as much to prevent price wars and to guarantee service to small towns as it was to control monopoly. Later, federal’ regulation spread to banks in 1913. to electric power in 1920, and to communications, securities markets, labor, trucking, and air travel during the 19301. In recent years, as we will see, the federal government has changed its course by deregulating many industries. In attempting’ to control economic activity,governments can use commands or market incentives. Historically the main form of regulation has been a direct Regulation on its of government rules or market incentives designed to control the price, sale, or production decisions of firms.

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