"History of monopoly The history of monopoly pertains to the historical tendency of a successful commercial enterprise to dominate an industry. The practice started during Advanced Industrialization with such companies as Standard Oil and the Carnegie Steel Company. The Sherman Antitrust Act was the first Federal statute to limit cartels and monopolies, and today still forms the basis for most antitrust litigation by the United States federal government. Recently, companies such as Microsoft have been accused by the U.S. Department of Justice of the monopolistic practice of Embrace, extend and extinguish. In addition, ExxonMobil and several other corporations have been"
"Sherman Antitrust Act of 1890 The Sherman Antitrust Act of 1890 (, ) is a United States antitrust law passed by Congress under the presidency of Benjamin Harrison, which regulates competition among enterprises. The Sherman Act broadly prohibits (1) anticompetitive agreements and (2) unilateral conduct that monopolizes or attempts to monopolize the relevant market. The Act authorizes the Department of Justice to bring suits to enjoin (i.e. prohibit) conduct violating the Act, and additionally authorizes private parties injured by conduct violating the Act to bring suits for treble damages (i.e. three times as much money in damages as the violation"
"to the legal system but using lawful means to achieve unlawful restraint of trade is not protected. Anti-trust law is the body of laws that exist in order to prevent companies from suppressing market competition from other companies. The Sherman Antitrust Act was a landmark piece of federal legislation passed in 1890 and ""intended to prevent all contracts, combinations, and conspiracies which restrain or monopolize trade."" The Clayton Antitrust Act followed in 1914 and allowed parties injured by anti-competitive actions to sue the violators for both injunctive relief (meaning the anti-competitive action had to stop) and treble damages (meaning the"
"the organization of large businesses, they soon faced widespread accusations of abusing their market power to engage in anticompetitive business practices. This caused the term ""trust"" to become strongly associated with such practices among the American public and led to the enactment in 1890 of the Sherman Antitrust Act, the first U.S. federal competition statute. Meanwhile, ""trust agreements"", the legal instruments used to create the corporate trusts, received a hostile reception in state courts during the 1880s and were quickly phased out in the 1890s in favor of other clever devices like holding companies for maintaining corporate control. For example,"
"and former Governor Russell Alger of Michigan, because Sherman believed that Alger personally had cost him the presidential nomination at the 1888 Republican national convention... Sherman was able to pursue his revenge motive by combining it with the broader Republican goals of preserving high tariffs and attacking the trusts. "" Sherman Antitrust Act of 1890 The Sherman Antitrust Act of 1890 (, ) is a United States antitrust law passed by Congress under the presidency of Benjamin Harrison, which regulates competition among enterprises. The Sherman Act broadly prohibits (1) anticompetitive agreements and (2) unilateral conduct that monopolizes or attempts to"
"opportunity for individual Americans to build their own businesses. As Senator John Sherman put it, ""If we will not endure a king as a political power we should not endure a king over the production, transportation, and sale of any of the necessaries of life."" Congress passed the Sherman Antitrust Act almost unanimously in 1890, and it remains the core of antitrust policy. The Act prohibits agreements in restraint of trade and abuse of monopoly power. It gives the Justice Department the mandate to go to federal court for orders to stop illegal behavior or to impose remedies. Public officials"
"revolution]] transformed [[business]] operations. In 1890, [[Congress of the United States|Congress]] passed the [[Sherman Antitrust Act]]—the source of all American anti-monopoly laws. The law forbade every contract, scheme, deal, or conspiracy to restrain trade, though the phrase ""restraint of trade"" remained subjective. By the beginning of the 20th century, per capita income and [[industrial production]] in the United States exceeded that of any other country except Britain. Long hours and hazardous working conditions led many workers to attempt to form [[labor union]]s despite strong opposition from industrialists and the courts. But the courts did protect the marketplace, declaring the Standard"
"Act has been developed and animated by the U.S. courts, particularly the Supreme Court. Since the Sherman Antitrust Act of 1890, courts in the United States had interpreted the law on cartels as applying against trade unions. This had created a problem for workers, who needed to organize to balance the equal bargaining power against their employers. The Sherman Act had also triggered the largest wave of mergers in US history, as businesses realized that instead of creating a cartel they could simply fuse into a single corporation, and have all the benefits of market power that a cartel could"
"enacted the Sherman Antitrust Act (1890). It proscribed ""unlawful restraints and monopolies"" in interstate commerce as well as conspiracies to erect them. Soon thereafter federal judges began to employ the measure to combat efforts to unionize workers and to deny labor its traditional self-help weapons. To counteract this ""government by injunction,"" the United States Congress included in the Clayton Act (1914) provisions that sought to preclude application of antitrust legislation against organized labor. The Supreme Court reached the issue in Deering, a six-judge majority holding that the Clayton Act did not insulate labor unions engaged in illegal activities, such as"
"1883 led to the foundation of the American Federation of Labor in 1886, with the simple aim of improving workers wages, housing and job security ""here and now"". It also aimed to be the sole federation, to create a strong, unified labor movement. Business reacted with litigation. The Sherman Antitrust Act of 1890, which was intended to sanction business cartels acting in restraint of trade, was applied to labor unions. In 1895, the US Supreme Court in ""In re Debs"" affirmed an injunction, based on the Sherman Act, against the striking workers of the Pullman Company. The strike leader Eugene"
"the Clayton Antitrust Act for their attempts to restrain and monopolize interstate and foreign trade surrounding the manufacture and distribution of certain broad spectrum antibiotics, in violation the Sherman Act. Accusations included the use of price fixing, market division and fraud committed against the US Patent Office. The Clayton Antitrust Act was enacted in 1914 to add additional substance to U.S. antitrust law by seeking to prevent certain anti-competitive practices during their inception, and continued a regime that started with the Sherman Antitrust Act of 1890. The Clayton Act specified particular prohibited conduct, outlined specific exemptions to the law, and"
"the Panic of 1873, ideas of competition lost favour, and it was felt that companies had to co-operate by forming cartels to withstand huge pressures on prices and profits. While the development of competition law stalled in Europe during the late 19th century, in 1889 Canada enacted what is considered the first competition statute of modern times. The ""Act for the Prevention and Suppression of Combinations formed in restraint of Trade"" was passed one year before the United States enacted the most famous legal statute on competition law, the Sherman Act of 1890. It was named after Senator John Sherman"
"had gradually eroded to 70 percent by 1906 which was the year when the antitrust case was filed against Standard, and down to 64 percent by 1911 when Standard was ordered broken up and at least 147 refining companies were competing with Standard including Gulf, Texaco, and Shell. It did not try to monopolize the exploration and pumping of oil (its share in 1911 was 11 percent). In 1909, the US Department of Justice sued Standard under federal anti-trust law, the Sherman Antitrust Act of 1890, for sustaining a monopoly and restraining interstate commerce by: Rebates, preferences, and other discriminatory"
"in 1890 US court applies these principles to business and markets. Courts applied the Act without consistent economic analysis until 1914, when it was complemented by the Clayton Act which specifically prohibited exclusive dealing agreements, particularly tying agreements and interlocking directorates, and mergers achieved by purchasing stock. From 1915 onwards the ""rule of reason"" analysis was frequently applied by courts to competition cases. However, the period was characterized by the lack of competition law enforcement. From 1936 to 1972 courts' application of anti-trust law was dominated by the ""structure-conduct-performance"" paradigm of the Harvard School. From 1973 to 1991, the enforcement"
"in New York City. Concurrently, the trustees of Standard Oil of Ohio chartered the Standard Oil Co. of New Jersey (SOCNJ) to take advantages of New Jersey's more lenient corporate stock ownership laws. In 1890, Congress passed the Sherman Antitrust Act – a source of American anti-monopoly laws. The law forbade every contract, scheme, deal, or conspiracy to restrain trade, though the phrase ""restraint of trade"" remained subjective. The Standard Oil group quickly attracted attention from antitrust authorities leading to a lawsuit filed by Ohio Attorney General David K. Watson. From 1882 to 1906, Standard paid out $548,436,000 in dividends"
"not endure a king as a political power we should not endure a king over the production, transportation, and sale of any of the necessaries of life."" Congress passed the Sherman Antitrust Act almost unanimously in 1890, and it remains the core of antitrust policy. The Act makes it illegal to try to restrain trade or to form a monopoly. It gives the Justice Department the mandate to go to federal court for orders to stop illegal behavior or to impose remedies. Public officials during the Progressive Era put passing and enforcing strong antitrust high on their agenda. President Theodore"
"sometime in the mid-1880s, industry trusts, in the United States – roughly described as unincorporated consortiums; that is, trusts composed of powerful industry concerns – colluded in large-scale market manipulation schemes that were deemed to be anti-competitive ""(,"" injurious to the public). To stem this practice, a landmark Federal statute, the Sherman Antitrust Act, was passed by the 51st Congress in 1890. Billy Watson's ""Beef Trust"" burlesque was not technically a trust. Rather, it was a contemporaneous phrase double entendred satirical word play that essentially branded a popular segment of Watson's production that featured large, beautiful women. However, there were"
"Supreme Court adopted the doctrine in ""East River S.S. Corp. v. Transamerica Deleval, Inc"". In 2010, the supreme court of the U.S. state of Washington replaced the economic loss doctrine with an ""independent duty doctrine"". Economic antitrust torts have been somewhat submerged by modern competition law. However, in the United States, private parties are permitted in certain circumstances to sue for anticompetitive practices, including under federal or state statutes or on the basis of common law tortious interference, which may be based upon the Restatement (Second) of Torts §766. Federal laws include the Sherman Antitrust Act of 1890 followed by"
"Sherman Act of 1890 and the Clayton Act of 1914 (in the US they often name legislation after the people who propose it) were passed by Presidents concerned about the threat of big business to the power of the government. It was originally used to break up the ""trust"" arrangements, big company groups with intricate power sharing schemes. This is where their word ""antitrust"" comes from. The legislation was modelled on the restraint of trade doctrine they had inherited from English law. After the Second World War the American version of competition policy was imposed on Germany and Japan. It"
"United States v. American Tobacco Co. United States v. American Tobacco Company, 221 U.S. 106 (1911), was a decision by the United States Supreme Court, which held that the combination in this case is one in restraint of trade and an attempt to monopolize the business of tobacco in interstate commerce within the prohibitions of the Sherman Antitrust Act of 1890. The company was split into 4 competitors. The Sherman Antitrust Act was created in 1890, and in 1907 the American Tobacco Company was indicted in violation of it. In 1908 when the Department of Justice filed suit against the"
"creation of monopolies and cartels. In 1890, the Sherman Anti-Trust Act became the first legislation passed by the United States Congress to limit monopolies. The profit motive is a theory in capitalism which posits that the ultimate goal of a business is to make money. Stated differently, the reason for a business's existence is to turn a profit. The profit motive functions on the rational choice theory, or the theory that individuals tend to pursue what is in their own best interests. Accordingly, businesses seek to benefit themselves and/or their shareholders by maximizing profits. In capitalist theoretics, the profit motive"
"for employees at Loewe & Co. Loewe & Co. sued the union for violating the Sherman Antitrust Act, alleging that UHU's boycott interfered with Loewe's ability to engage in the interstate commerce of selling hats. The act had been adopted in 1890, with the primary purpose to control business monopolies. The appellee in the case was Martin Lawlor, the business agent for the UHU, but the list of defendants included 240 union members. The case was handled in the first instance by the United States Circuit Court for the District of Connecticut, which dismissed the suit on the grounds that"
"who argued that the Act ""does not announce a new principle of law, but applies old and well recognised principles of common law."" The Sherman Act of 1890 attempted to outlaw the restriction of competition by large companies, who co-operated with rivals to fix outputs, prices and market shares, initially through ""pools"" and later through ""trusts"". Trusts first appeared in the US railroads, where the capital requirement of railroad construction precluded competitive services in then scarcely settled territories. This trust allowed railroads to discriminate on rates imposed and services provided to consumers and businesses and to destroy potential competitors. Different"
"by the Sherman Antitrust Act of 1890, the Clayton Antitrust Act and the Federal Trade Commission Act of 1914, the Robinson-Patman Act of 1936, and the Celler-Kefauver Act of 1950. During the late 19th century hundreds of small short-line railroads were being bought up and consolidated into giant systems. Separate laws and policies emerged regarding railroads and financial concerns such as banks and insurance companies. Advocates of strong antitrust laws argued the American economy to be successful requires free competition and the opportunity for individual Americans to build their own businesses. As Senator John Sherman put it, ""If we will"
"extent of the right to strike: some courts continued to frustrate strikes and issued injunctions. The Sherman Act of 1890, which was intended to prohibit business combinations in restraint of trade, was first used against labor unions. This resulted in Eugene Debs, American Railway Union leader and future Socialist Presidential candidate being imprisoned for taking part in the Pullman Strike. The Supreme Court persisted in ""Loewe v Lawlor"" in imposing damages for strikes under antitrust law, until Congress passed the Clayton Act of 1914. Seen as ""the Magna Carta of America's workers"", this proclaimed that all collective action by workers"
"lessen competition. Third, they prohibit the creation of a monopoly and the abuse of monopoly power. The Federal Trade Commission, the U.S. Department of Justice, state governments and private parties who are sufficiently affected may all bring actions in the courts to enforce the antitrust laws. The scope of antitrust laws, and the degree to which they should interfere in an enterprise's freedom to conduct business, or to protect smaller businesses, communities and consumers, are strongly debated. One view, mostly closely associated with the ""Chicago School of economics"" suggests that antitrust laws should focus solely on the benefits to consumers"
"their products, thus harming the consumer. In addition to Valentine Anti-Trust Act, Bushnell's attorney general pursued the monopolistic practices of the Standard Oil Company in the courts. Eventually, U.S. Senator John Sherman of Ohio introduced the Sherman Antitrust Act in the United States Congress in 1890. This law served as the first serious attempt by the federal government to break up monopolies and trusts, though successful enforcement of anti-trust laws was still more than a decade, and new political commitment, away. Bushnell came from his home at Springfield in January 1904 to attend the inauguration of Governor Myron T. Herrick"
"novel methods for managing, financing, and organizing its businesses. Because laws governing corporations limited their ability to do business across state lines, Standard Oil pioneered the use of a central trust that owned and controlled the constituent companies in each state. The use of trusts by other industries to stifle competition and extract monopoly prices led to the 1890 passage of the Sherman Antitrust Act. In the 1911 case of ""Standard Oil Co. of New Jersey v. United States"", the Supreme Court ordered the Standard Oil Trust be disbanded into competing companies that would become Exxon (Standard Oil of New"
"This act is the source of all American anti-monopoly laws. The law forbids every contract, scheme, deal, conspiracy to restrain trade. It also forbids inspirations to secure monopoly of a given industry. The Standard Oil Trust attracted attention from antitrust authorities. The Ohio Attorney General filed and won an antitrust suit in 1892. Ida M. Tarbell, an American author and journalist, who was known as one of the leading muckrakers, criticized Standard Oil practices. Tarbell met Rogers, by then the most senior and powerful director of Standard Oil, through his friend, Mark Twain. They began to meet in January 1902"
"and in part due to the government, however, many of these initially successful mergers were eventually dismantled. The U.S. government passed the Sherman Act in 1890, setting rules against price fixing and monopolies. Starting in the 1890s with such cases as Addyston Pipe and Steel Company v. United States, the courts attacked large companies for strategizing with others or within their own companies to maximize profits. Price fixing with competitors created a greater incentive for companies to unite and merge under one name so that they were not competitors anymore and technically not price fixing. The economic history has been"
"trusts could be dominant in different industries. The Standard Oil Company trust in the 1880s controlled a number of markets, including the market in fuel oil, lead and whiskey. Vast numbers of citizens became sufficiently aware and publicly concerned about how the trusts negatively impacted them that the Act became a priority for both major parties. A primary concern of this act is that competitive markets themselves should provide the primary regulation of prices, outputs, interests and profits. Instead, the Act outlawed anticompetitive practices, codifying the common law restraint of trade doctrine. Prof Rudolph Peritz has argued that competition law"
"to make that decision. To be harmful, a trust had to somehow damage the economic environment of its competitors. In 1914, Congress passed the Clayton Antitrust Act to increase the government's capacity to intervene and break up big business. The Act removed the application of antitrust laws to trade unions, and introduced controls on the merger of corporations. United States Steel Corporation, which was much larger than Standard Oil, won its antitrust suit in 1920 despite never having delivered the benefits to consumers that Standard Oil did. In fact, it lobbied for tariff protection that reduced competition, and so contending"
"or cartel based on Sherman Anti-Trust Act of 1890, the Clayton Anti-Trust Act of 1914 and the Robinson-Patman Anti-Price Discrimination Act. Two more states Attorneys General are said to be considering joining the Utah lawsuit, and the investigation by the Justice Department will probably include a minute and extensive examination of the Fiesta Bowl Scandal as well as conducting complete audits of the other BCS Bowls, the BCS itself and possibly even the schools of the 6 BCS Automatic Qualification Conferences. The Fiesta Bowl scandal in particular was the catalyst that opened the BCS up to Federal interest for the"