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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.
The Sherman Antitrust Act of 1890 [1] (26 Stat. 209, 15 U.S.C. §§ 1–7) is a United States antitrust law which prescribes the rule of free competition among those engaged in commerce and consequently prohibits unfair monopolies. It was passed by Congress and is named for Senator John Sherman, its principal author.
In the United States, antitrust law is a collection of mostly federal laws that govern the conduct and organization of businesses in order to promote economic competition and prevent unjustified monopolies. The three main U.S. antitrust statutes are the Sherman Act of 1890, the Clayton Act of 1914, and the Federal Trade Commission Act of 1914 ...
United States v. E. C. Knight Co., 156 U.S. 1 (1895), also known as the "Sugar Trust Case," was a United States Supreme Court antitrust case that severely limited the federal government's power to pursue antitrust actions under the Sherman Antitrust Act.
As antitrust law continued to tighten, companies integrated through mergers fully. Clayton Act of 1914; William Peters Hepburn proposed a Hepburn Bill of 1908 which would have required federal incorporation. This was attacked from various groups who wished to maintain the state system of incorporation.
The Journal of Law and Economics. 39 (1): 1– 48. doi:10.1086/467342. JSTOR 725768. Letwin, William (1965). Law and Economic Policy in America: The Evolution of the Sherman Antitrust Act. New York: Random House. May, James (1989). "Antitrust in the Formative Era: Political and Economic Theory in Constitutional and Antitrust Analysis, 1888–1918".
In addition, if an actor subject to a cease and desist order violates the Commission's final and in-effect order to cease and desist engaging in an unfair or deceptive act or practice, the enjoined actor is automatically liable for a civil penalty up to $10,000 per violation, the amount of which is to be determined by a district court. [24]
There was a growing sense in Common Law legal circles that 'conscience' was an unsatisfactory way to resolve cases. e.g., the author of The Doctor and Student, an early 16th century legal treatise structured as a dialogue between a civilian Doctor of Law and a student of the common law, heavily criticised the interference of the Chancellor in ...