William Tecumsah Sherman Research Paper

B) The intended purpose of Industrial or Economic regulation as applied to Oligopolies and Monopolistic market structures is used to reduce the market power of both! A government commission regulates the prices charged by “natural monopolists.” Industrial Regulation is necessary to prevent natural monopolies from charging monopoly rates which may harm consumers/ society. Industrial Regulation tries to establish pricing that will cover production costs and provide a fair amount of return to businesses. Price=Average Total Cost, where normal profit is accomplished. (governs pricing, output, & profits in specific industries).

United States antitrust law is a collection of federal and state government laws, which regulates the conduct and organization of business corporations, generally to promote fair competition for the benefit of consumers. The main statute was the Sherman act of 1890, it is the basis for U.S. antitrust law, and many states have modeled their own statutes upon it. As weaknesses in the Sherman Act became evident, Congress added amendments to it at various times through 1950 the Clayton act of 1914,

The public interest theory of regulation, or economic theory of regulation states that industrial regulation is essential in maintaining a natural monopoly. Natural monopolies turning into a regular monopoly charging monopoly prices can be harmful to society. Something that everyone most generally uses or needs like public resources i.e. electricity and water. Almost every person in our society requires these resources. The initial cost for creating a firm that can provide these services is high. Some startup cost can include power stations as well as power lines, labor costs, the cost of producing the power, and many other costs. These naturally occurring costs can often bar entry or discourage entry into the industry. In the event that a firm does make it into the industry and starts producing these public resources such as

In 1890, the United States Congress passed the first Anti-Trust Law, called the Sherman Act, in an attempt to combat anti trusts and as a “comprehensive charter of economic liberty aimed at preserving free and unfettered competition as the rule of trade.” (The Antitrust Laws). Twenty four years later in 1914, Congress passed two more Anti-Trust Laws: the Federal Trade Commission Act, which created the Federal Trade Commission whose aim is to protect American consumers, and the Clayton act, which fills in any loopholes in the Sherman Act. Ultimately, these three Anti Trust Acts regulate three core problems within the market: restricting the creation of cartels, restricting the “mergers and acquisitions of organizations which could substantially lessen competition”, and prohibit the creation of monopolies in the market (“The Antitrust Laws”).

Through the application of the “Rule of Reason”, a methodology used by courts to interpret US antitrust laws and analyze relevant

Have you been unjustly accused, then punished? So have many companies. When dealing with trusts and monopolies, controversy is sure to arise. This discussion is a result of the benefits, and also the disadvantages of monopolies in our market. With these arguments going on, discussions of the Sherman Antitrust Act in many legal cases, have been whether or not this law is beneficial to our economy and population, or harmful. People have gathered on both sides of this debate looking for the truth behind the effect of the Sherman Antitrust act. To learn how the Sherman Antitrust Act works we must look back to when and why it was created.

Frederick Douglass once described Ulysses S. Grant as, “A man too broad for prejudice, too humane to despise the humblest, too great to be small at any point” (Achenbach). Many people people praised Grant as a hero and an example of American greatness. Yet these sentiments were not reflected by all. Through the mess of Reconstruction and scandals around Grant, cracks in his reputation as the great “Preserver of the Union” were exposed by Southern academics and accepted by much of the population, shifting the public’s view of Grant. Today our memory of Grant is still changing, regardless of any new information historians discover about his life. Born on April, 1822 in Point Pleasant Ohio, Hiram Ulysses Grant would find himself victim to the

General William Sherman’s prediction before the war becomes true in many parts of his words. His words state a war against brothers or a war within friends will occur. This happened in many ways throughout the war as many friends or siblings fought against each other. His predictions become true throughout the Civil War.

I claim that the Sherman Antitrust Act is a critical and necessary statute that gradually caused significant changes in business practices in order to ensure a competitive free market system essential for long term growth of the economy, although it faced criticisms for sacrificing economic efficiency. This fundamental statute continues to notably shape the economic landscape even today, albeit being more than 100 years old.

The first antitrust law passed by Congress was the Sherman Act, in 1890. In 1914, Congress passed two other antitrust laws: The Federal Trade Commission Act, which created the Federal Trade Commission, and the Clayton Act. With some revisions, these are the most important federal antitrust laws still in effect today. Section 7 of the Clayton Act prohibits mergers and acquisitions when the effect "may be substantially to lessen competition, or to tend to create a monopoly." (ftc.gov) The antitrust laws proscribe unlawful mergers and business practices in general terms, leaving courts to decide which ones are illegal based on the facts of each case. For over 100 years, the antitrust laws have had the same basic objective: to protect the process of competition for the benefit of consumers, making sure there are strong incentives for businesses to operate efficiently, keep prices down, and keep quality up. The enforcement authorities of the federal antitrust laws are The Federal Trade Commission and the U.S. Department of Justice (DOJ) Antitrust Division (ftc.gov).

To understand antitrust immunity, one must understand the different tests the United States Supreme Court has applied to state’s agencies and boards to determine immunity. Courts largely use two tests to determine whether an entity has immunity from antitrust laws. Both tests provide the same immunity, but they require the entity seeking the immunity to prove different requirements. The first test is the sovereign actor test, and it provides immunity to state actors using sovereign power. The second test, known as the Midcal test, asks whether the entity seeking immunity is following a clearly articulated state policy, and whether the entity is actively supervised by the state. Both of these tests are

Monopolies defied the principles of a free market by promoting income inequality and giving individuals an opportunity to control the price. Roosevelt said concerning them, “[W]here, in either [unions] or [corporations], there develops corruption or mere brutal indifference to the rights of others, and short-sighted refusal to look beyond the moment’s gain, then the offender, whether union or corporation, must be fought” (These United States 73). The Sherman and Clayton antitrust acts were Congress’s attempt to fight back. However, the Sherman Act failed to define monopoly and the Clayton Act was merely a civil statute which carried no criminal penalties.

In the Spring of 1864, General Ulysses S. Grant assigned General William T. Sherman the important task of taking over Atlanta. To take over Atlanta, General Sherman would have to defeat a Confederate Generals, General Joseph E. Johnston's, army of 60,000 with General Sherman's own army of over 100,000. Seems easy,

William Tecumseh Sherman was destined to a noticeable family in Lancaster, Ohio, on February, 8, 1820, one of eleven kids. His dad, Charles Sherman, was a fruitful legal counselor and Ohio Supreme Court equity. At the point when William was nine years of age, his father died suddenly, leaving the family with few finances. He was raised by a family companion, Thomas Ewing, a representative from Ohio and unmistakable individual from the Whig Party. There has been much theory on Sherman's middle name. In his journals, he composed that his dad gave him the name William Tecumseh since he respected the Shawnee boss.

Section 1 of the Sherman Antitrust Act, in part, states that “every contract, combination… or conspiracy, in the restraint of trade or commerce… is declared to be illegal.” (Sherman Act, 2006). This law provides “a comprehensive charter of economic liberty aimed at preserving free and unfettered competition as the rule of trade (Northern Pacific Railway Company vs. United States, 1958; Reiter vs. Sonotone Corporation, 1979). It relies on a fundamental belief in supply and demand (Baum Research & Development Company vs. Hillerich & Bradsby, 1998).