Briefly Explain Why, Until 2008, Americans Amassed Record Amounts of Debt

question 136

Essay

Briefly explain why, until 2008, Americans amassed record amounts of debt and why the free-spending trend has ended.

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Definitions:

International Pharmaceutical Companies

Corporations that operate across borders to research, develop, manufacture, and market medications and healthcare products globally.

Protecting Competition

Efforts and regulations put in place to ensure fair competition among businesses within a market, preventing monopolies and fostering innovation.

Federal Trade Commission Act

A United States law established in 1914 to promote competition and protect consumers from anticompetitive practices, deceptive advertising, and unfair business practices.

Sherman Antitrust Act

An 1890 U.S. law aimed at promoting fair competition by prohibiting monopolies and other activities that restrict trade.