Essay On John Sherman's Monopolies

516 Words3 Pages

“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 the necessaries of life” for stated, “John Sherman”. John D. Rockefeller, once the wealthiest man in the world, achieved a monopoly of the petroleum industry. John Sherman established the silver and antitrust bills, prohibiting powerful monopolies. The Sherman Antitrust Act, secures trade and commerce opposed to unlawful constraints. In 1890, a monopoly of the petroleum industry led to the Sherman Antitrust Act causing limits to the power of U.S corporations. John D. Rockefeller once stated, “I always try to turn every disaster into an opportunity”. Over the course of American history, several monopolies have occurred. A monopoly happens when a small competitor turns into a large corporation. One of the first monopolies started in 1862 in Cleveland, Ohio making John D. Rockefeller well-off. Rockefeller accomplished a monopoly of the gasoline industry in under a decade. In 1911, the court discovered Standard Oil Company of New Jersey guilty of disobeying the Sherman Antitrust Act. …show more content…

A more recent monopoly occurred with AT&T involving the Bell system. The breakup of the Bell System was known as victorious spinoff in American history. This was not the first time that AT&T violated antitrust laws. Not long after the split, AT&T 's name transformed to AT&T Wireless. These operations led to the Sherman Antitrust Act in 1889. John Sherman introduced the Silver and Antitrust laws. “Congress passed the Sherman Antitrust Act of 1890 to break up the trust and protect competitive markets, but it took decades for the law to serve its purpose” (“America’s Monopoly Problem” However the act did not stop monopolies completely. (“Sherman Anti

Open Document