ipl-logo

Sherman Antitrust Act Essay

733 Words3 Pages

Consumer’s satisfaction and quality of prices would have decreased if the Sherman Antitrust Act haven’t been created by the Congress in 1890. Since the 17th century monopolies have existed. The Sherman Antitrust Act created on the 17th century by Senator John Sherman, from Ohio was the beginning of a lasting fight against monopolies. The Sherman Antitrust Act had the objective of preventing anticompetitive monopolies, thus, protecting consumers. President Theodore Roosevelt was the first American president to use the principle of the Sherman Antitrust Act to work against monopolies that hurted the American economy. The old Sherman Antitrust Act would have its legacy still applied on nowadays economy. First of all, the concepts trust …show more content…

However, the process of regulation of both monopolies and trusts regulation has not started on the 21th century. Regulations of monopolies have started at the end of the 17th century when Senator John Sherman from Ohio proposed the Sherman Anti-Trust Act. This act was passed during the period known as “Gilded Age’’ in the American history. President Theodore Roosevelt of the United States used the principle of the Sherman Anti-Trust Act to work against monopolies that were harmful to the American economy. However, Roosevelt considered some monopolies to be good and others bad, by considering its importance and value to American economy. Roosevelt considered the J. P Morgan’s U.S. Steel as a good monopoly as it supplied United States industry with a steady supply of steel at a greatly reduced cost. On the other hand, Roosevelt fought against more than 25 monopolies, which he considered bad to American economy. One example of a monopoly that Roosevelt fought against was the beef trust. He worked to build a bipartisan agreement, which consisted on working with both Democrats and his own Republican Party, old guard politicians and newly elected reformers to reform business. Finally, in 1906 he established the Pure Food and Drug Act, which basically gave the federal government greater regulatory power over food products in the

Show More
Related
544 Words | 3 Pages

This investigation will scrutinize the question: To what extent did antitrust laws affect John D. Rockefeller’s company- Standard Oil? To analyze the effectiveness of the antitrust laws, the investigation will focus on the government policies and execution of said policies during the Gilded Age and the Progressive Era (1870-1920). The first source is a cartoon drawn by Horace Taylor for the September 25, 1899 issue of The Verdict named “What a Funny Little Government”. By 1890, Standard Oil dominated 90 percent of the oil industry, thus the publication date strengthens the value of the cartoon itself, since the close proximity enables for the cartoon to capture the perception of the cartoonist as well as the general public.

Read More
526 Words | 3 Pages

The Clayton Anti-Trust allowed for prosecution of violators. To enforce the Clayton Anti-Trust Act, Wilson formed the Federal Trade Commission. The Federal Trade Commission (FTC) was a ‘watchdog' group to investigate possible violations of the trade laws (Bauer 9). All those actions above were successful and brought Wilson as a ‘progressive’

Read More
1068 Words | 5 Pages

The most notorious of monopolies included the sugar industry, the whisky industry and the tobacco industry. Not only was the competition affected, but also the consumers who were paying higher prices and workers who were unable to change companies in an industry due to lack of competition. The Sherman Act of 1890 was the first United States antitrust law that was put in place to maintain free competition in business and made it a crime to monopolize any part of trade or commerce. The Sherman Act of 1890 was an antitrust law which was intended to defend trade and commerce from unfair business practices that make it possible to do away with competition based on their large economies of scale. It was named after its primary supporter John Sherman, an Ohio Senator on July 2, 1890 and further signed into law by President Benjamin

Read More
138 Words | 1 Pages

Who are the proletariat? Workers who makes the good. Who are the bourgeoisie? Capitalist who owns means of production.

Read More
174 Words | 1 Pages

The Progressive was a period in which new crusaders, also known as the “progressives”, engaged in combat with their society’s monopolies, corruption, and social injustice in order to “strengthen the State” and “use the government as an agency of human welfare.” This motif of these reformers was seen throughout this time and ultimately produced success stories but nonetheless fell to several limitations. As one discovers, Teddy Roosevelt known to history as the “Trust-buster” played a prominent role in launching a triumphant end to dishonest monopolies and trusts. In addition to corralling the corporations during this time, Roosevelt also impacted society with his reforms to assist the common man consumer, gaining initial inspiration from The

Read More
1363 Words | 6 Pages

Third, is that our export trade would suffer, other countries couldn't buy from America unless America is allowed to sell to them. Another point was, if the Smoot-Hawley Tariff act was never implemented maybe the world would just have gone through a recession. Rather than going through the Great

Read More
1379 Words | 6 Pages

Primary Source Analysis- During the time of reconstruction, which was after the civil war, the government passed the 13, 14, and 15th amendment to give African Americas freedom and rights. The 15th amendment gave the former African American slaves the right to vote. Between 1890 and 1906, the "new" south wanted to eliminate this right for the African Americans. Any African American who fought for their rights would be faced with violence known as lynching, murdering of three or more people.

Read More
1725 Words | 7 Pages

Entry 1: The Sherman Antitrust Act: The Sherman Antitrust Act was passed by Congress in 1890. The Sherman Antitrust Act was the first measure put in place to allow free trade without any restrictions, and prohibited trusts in order to end them. This act gave Congress the right to regulate interstate commerce. Any restriction on free trade was marked as illegal and could result in fines and jail time. The Sherman Antitrust Act was basically a shield to protect people from the restriction of big corporations; in addition, this act had an immediate, threatening impact on the dominate businesses in the economy.

Read More
511 Words | 3 Pages

Since this act was passed during Roosevelt's presidency, the president was able to negotiate with other countries in order to reduce the tariffs. These changes made from the Hoover Republicans to the Roosevelt Democrats created an inconsistency of the government. During Hoover's time in power, he had allowed Congress to increase the rates of tariffs to points that could be immensely dangerous to the United States. Roosevelt on the other hand had worked alongside with Congress in order to ensure lower tariffs by creating a trade policy that would allow to do so. These barriers set to the US' trade would primarily be decided by the President.

Read More
2014 Words | 9 Pages

When understanding the significance of William McKinley and his developments in the economic maintenance of US society we come to appreciate the great advancements made by him in regards to the uplifting of American economy at the time. Once he had presumed the responsibilities of office, McKinley immediately turned his attention to measures for assuring economic recovery. McKinley was particularly passionate about keeping American investment within the country. It led to the Dingley Tariff Act of 1897 that protected manufacturers and factory workers from foreign competition and gave stability to the economy through the idea of ‘Protectionism’. The tariff continued for up to twelve years and became the highest tariff in American history.

Read More
906 Words | 4 Pages

This act was enacted to clarify and define what constituted “monopolistic” activities. It protected the activities of labor unions and prohibited directors from serving in boards of competing

Read More
684 Words | 3 Pages

The Commerce clause refers to Article 1, Section 8, Clause 3 of the United States Constitution, which gives Congress the power “to regulate commerce with foregin nations, and among the several states, and with the Indian tribes”. This clause is one of the most fundamental powers delegated to congress by the founders. It has helped to seprate the powers between the federal governemtn and the states, along with the branches of governemtn and Judiciary. In simpler terms the commerce clause was to help regulate commerce among navigable waters.

Read More
739 Words | 3 Pages

Other presidents were also able to establish antitrust reforms. President Woodrow Wilson established the Federal Trade Commission Act, aimed to prevent monopoly, and the Clayton Antitrust Bill. As Document E illustrates, the Clayton Antitrust Bill claims it unlawful to "lessen competition” or “tend to create a monopoly in any line of commerce". Although Presidents Roosevelt and Wilson established reforms to stop monopoly, they still had many holes in their trust-busting campaign which severely limited the full effects of

Read More
585 Words | 3 Pages

The act became more prolifically used under the Roosevelt administration like in the case of the Northern Securities Company, which was a railroad conglomerate. In 1904, the Supreme Court upheld charges against the company under the Anti-Trust Act, exemplifying the President’s administration’s battle against trusts, yet Roosevelt did not stop at this case.

Read More
753 Words | 4 Pages

Then, in 1890, the Sherman Antitrust Act was set forth. This act was a federal law that prohibited monopolies. The Sherman Antitrust Act made any combination or trust in restraint of trade illegal. (Class notes, industrial reform evidence) There were many different types of social problems during this time period.

Read More

More about Sherman Antitrust Act Essay

Related Topics

Open Document