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Congress reacted in 1914 by passing two new laws: the Clayton Act, which outlawed using mergers and acquisitions to achieve monopolies and created an antitrust law exemption for collective bargaining; and the Federal Trade Commission Act, which created the Federal Trade Commission (FTC) as an independent agency that has shared jurisdiction with ...
Standard Oil (Refinery No. 1 in Cleveland, Ohio, pictured) was a major company broken up under United States antitrust laws.. The history of United States antitrust law is generally taken to begin with the Sherman Antitrust Act 1890, although some form of policy to regulate competition in the market economy has existed throughout the common law's history.
In 1892, the American Sugar Refining Company gained control of the E. C. Knight Company and several others, which resulted in a 98% monopoly of the American sugar refining industry. U.S. President Grover Cleveland , in his second term of office (1893–1897), directed the national government to sue the Knight Company under the provisions of the ...
The most legislation came under the Constitution of Zeno of 483 AD which can be traced into Florentine Municipal laws of 1322 and 1325. [3] It provided for property confiscation and banishment for any trade combinations or joint action of monopolies private or granted by the Emperor. Zeno rescinded all previously granted exclusive rights. [4]
A legal monopoly, statutory monopoly, or de jure monopoly is a monopoly that is protected by law from competition. A statutory monopoly may take the form of a government monopoly where the state owns the particular means of production or government-granted monopoly where a private interest is protected from competition such as being granted exclusive rights to offer a particular service in a ...
The Cleveland-based company was already among the largest refiners in the United States at the start of the decade, but it controlled only about four percent of the market. [2] Under the leadership of founder John D. Rockefeller, Standard Oil began acquiring other refineries in Cleveland, which was a center of the U.S. refining industry.
The Constitution of the United States was drafted and ratified, and it came into force on March 4, 1789. [5] The Constitution established a presidential system with separation of powers and three branches of government that are still in use today.
Illinois however, [5] the U.S. Supreme Court ruled that state laws regulating interstate railroads were unconstitutional because they violated the Commerce Clause of the Constitution, which gives Congress the exclusive power "to regulate Commerce with foreign nations, and among the several States, and with the Indian Tribes."