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Good Trusts, Bad Trusts, & Trust Busting

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Good Trusts, Bad Trusts, & Trust Busting. Good Trusts. Large corporations that encouraged economic development & cooperation between industries Businesses that learned new ways to cooperate with other businesses Businesses that incorporates new ways of self-regulation. Bad Trusts.

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good trusts
Good Trusts
  • Large corporations that encouraged economic development & cooperation between industries
  • Businesses that learned new ways to cooperate with other businesses
  • Businesses that incorporates new ways of self-regulation
bad trusts
Bad Trusts
  • Large corporations:
    • Widespread corruption among business leaders
    • Employed unfair business practices (unfair labor practices, poor working conditions & price fixing)
    • Restricted ability of workers to unionize
  • Government Officials (Progressives) seek to break up these Bad Trusts and enact reforms
teddy roosevelt trust busting
Teddy Roosevelt & Trust Busting
  • 1902—Teddy Roosevelt began breaking up trusts (large corporations)
    • Directed the Department of Justice (DOJ) to begin a series of prosecutions (citing the violation of the Sherman Anti-Trust Act)
    • 1st Target: Northern Securities Company
      • Financier J.P. Morgan merged RR Companies, created monopoly over RR’s of nearly all RR’s from Chicago to CA
northern securities company v the united states
Northern Securities Company v. the United States
  • Court held stock transactions constituted an illegal combination in restraint of interstate commerce & restricted competition—thus enabling the company to control prices (price gouging)
teddy roosevelt trust busting1
Teddy Roosevelt & Trust Busting
  • No. Securities Co. v. U.S. established T.R.’s reputation as a ‘trust buster.’
  • During his 2 terms, the DOJ filed 43 court cases under the Sherman Antitrust Act
    • Purpose: to restrain to dissolve business monopolies
  • Targets included major tobacco and beef trusts
  • T.R. viewed suits as necessary to publicize corruption in big business & to assert the Federal Government’s final authority over big business
teddy roosevelt trust busting2
Teddy Roosevelt & Trust Busting
  • While he did support small business, he did not truly advocate breaking up ALL big corporations.
    • He was interested in breaking up the large corporations that broke the law
teddy roosevelt s 2 nd term
Teddy Roosevelt’s 2nd Term
  • Pushed for greater regulatory legislation
  • 1906—Hepburn Act
    • Strengthened the ICC (Interstate Commerce Commission)
    • ICC—established in 1887 as the 1st regulatory commission/agency
      • Purpose: authorized to set max Railroad rates and inspect financial records of Railroad Companies
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