Competition is not only the basis of protection to the consumer, but is the incentive to progress

Competition is not only the basis of protection to the consumer, but is the incentive to progress

Herbert Hoover, the 31st President of the United States, was a firm believer in the power of competition to drive progress and protect consumers. Throughout his career in public service, Hoover advocated for policies that promoted competition in the marketplace as a means of fostering innovation, efficiency, and consumer choice.

Hoover's belief in the importance of competition can be traced back to his early career as a mining engineer and businessman. He understood firsthand the benefits of competition in driving companies to improve their products and services in order to attract customers. Hoover believed that competition not only benefited consumers by giving them more options and better prices, but also encouraged businesses to constantly innovate and improve in order to stay ahead of their rivals.

As President, Hoover worked to promote competition in a variety of industries, including agriculture, manufacturing, and transportation. He believed that a competitive marketplace was essential for economic growth and prosperity, and he sought to remove barriers to competition wherever possible. Hoover's administration implemented policies aimed at breaking up monopolies, promoting fair competition, and protecting consumers from fraud and abuse.

One of Hoover's most notable achievements in this regard was the passage of the Federal Trade Commission Act in 1914, which established the Federal Trade Commission (FTC) to enforce antitrust laws and protect consumers from unfair business practices. The FTC was tasked with investigating and prosecuting companies that engaged in anti-competitive behavior, such as price-fixing, collusion, and monopolistic practices. By promoting competition and preventing monopolies, Hoover believed that the FTC could help ensure a level playing field for businesses and protect consumers from exploitation.