Question

What was the purpose of the Sherman Antitrust Act?

Answer 1

Purpose of the Sherman Antitrust Act was to prohibit monopolies and to sustain competition in order to protect customers from unfair business practices.  

Further Explanation:-

The Sherman Antitrust Act is Antitrust Law of United States which regulates the competition which is there among enterprises and this Act was passed by the Congress 1890 and was signed by president of United States, Benjamin Harrison. This act prohibits anticompetitive agreement as well as unilateral conduct which attempts or mobilizes to monopolize the market. Department of justice is given authority under this act to bring suits to prohibit conduct violation of the act. This act also gives authority to authorize the private parties that are injured by conduct violating act in order to bring suits for the damages occurred. This law also makes attempt for prevention of artificial price increase by restriction of trade or supply.  

Monopoly which is achieved only by merit is known to be perfectly legal under this act but the acts by monopolist in order to preserve that status artificially are termed to be as illegal. The main purpose of this act is not to give protection to the competitors from any harm which happens from legitimately successful business but it is made to maintain a competitive marketplace to save customers from abuses.  

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Answer Details:

Grade – High School

Subject – History

Chapter –Sherman Antitrust Act

Keywords –Sherman Antitrust Act, Benjamin Harrison, Monopolize, Monopoly, President, United States, Competition, Consumers, Protect, Abuses.  

Answer 2

To restrict monopolies and to encourage economic competition.

The Sherman Anti-trust Act was an economic policy put into place to promote competition in the economy. The law prevented restrictions to trade between states or foreign trade as well as restricted monopolies.

The Sherman Ant-trust Act was put into place to prevent the monopolies occurring as a result of corporate buy outs and corrupt practices by the industrial titans. Men like Rockefeller, Carnegie, and JP Morgan were buying out small businesses both within their industry and across industries. The power of these men allowed them to set prices wherever they wanted and many smaller businesses and dependent industries suffered due to monopolies.