10. Define Sherman Antitrust Act. How did President Roosevelt feel about big businesses? How did he feel about good trusts and bad trusts? Read Lesson 4 and Topic 11.4: The Progressive Presidents Progressivism in American History textbook. Read Encouraging Fair Business Practices.
The Sherman Antitrust Act was a law passed by the United States Congress in 1890 aimed at promoting fair competition in the economy. It prohibited certain business activities that were deemed anti-competitive, such as monopolies or any other acts that restricted trade.
President Roosevelt had a strong stance against big businesses. He believed that monopolistic practices and the concentration of power in the hands of a few corporations were detrimental to the economy and suppressed fair competition. Roosevelt believed that the government needed to intervene and regulate these large corporations to prevent them from accumulating too much power.
Regarding good trusts and bad trusts, President Roosevelt did not differentiate between the two. He believed that any concentration of power, whether it was used for good or bad intentions, was ultimately harmful to society and the economy. He argued that even well-meaning trusts could potentially abuse their power and exploit the public. Therefore, he advocated for trust-busting, which involved breaking up monopolistic corporations into smaller, more manageable entities.
References:
- Lesson 4, "Progressivism" in American History textbook.
- Topic 11.4, "The Progressive Presidents" in American History textbook.
- "Encouraging Fair Business Practices."