Good Trusts, Bad Trusts, & Trust Busting

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Presentation transcript:

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 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 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 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 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 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 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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