" in business, a perspective which, in effect, blessed the developing oligopolistic character of most American industries.
The development of antitrust legislation in the United States was strongest between the years of 1890 and 1914, and was in response to the rapid growth of industry and commerce in the country, the increasing concentration in the various markets, and to real and perceived abuses of economic power in the private sector. Subsequent to 1914, antitrust legislation in the United States has been both refined and broadened in scope to meet the changing needs of the country in the face of continuing economic and social change.
The first major antitrust legislation enacted in the United States was the Sherman Antitrust Act in 1890 (Moore, 1976, p. 99). The first section of this act deals with contracts, combinations, and conspiracies in restraint of trade. This act is the basic antitrust legislation for the country, and declares illegal "every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several states, or with foreign nations" (Moore, 1976, p. 99).
The second section of the act deals with monopolies and with conspiracies to monopolize commerce. This section states that "every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several states or with foreign nations, shall be deemed guilty of a felony" (Moore, 1976, p. 99). This language permits the federal government in the United States to either prevent the formation of or to break-up business combinations which either constitute a monopoly or cause a restraint of trade at a specific time.
The next major antirust legislation in the country was enacted in 1914ùthe Clayton Act and the Federal Trade Commission Act (Moore, 1976, pp. 99-101). That portion of the Federal T...