Fair Trade Act

The Fair Trade Act, originally passed in the 1930s in the United States, aimed to promote fair competition and consumer protection. It allowed manufacturers to set minimum prices for their products, preventing retailers from undercutting prices to gain market share. The idea was to ensure that businesses could earn a fair profit while maintaining quality. Over time, the Act has evolved, influencing various regulations around trade practices to promote honesty and fairness in the marketplace. Today, the term "fair trade" is often associated with ethical sourcing and better working conditions for producers in developing countries.