Which of the following laws focused specifically on regulating the railroad industry?(1 point)
Responses
Sherman Anti-Trust Act
Sherman Anti-Trust Act
laissez-faire policies
laissez-faire policies
Interstate Commerce Act
Interstate Commerce Act
protective tariffs
Interstate Commerce Act
The law that specifically focused on regulating the railroad industry is the Interstate Commerce Act.
The law that focused specifically on regulating the railroad industry is the Interstate Commerce Act.
To find the answer, you need to understand what each of the options refers to. Let's break them down:
1. Sherman Anti-Trust Act: This law, passed in 1890, was aimed at preventing monopolies and promoting fair competition in business. While it had significant impacts on various industries, it did not specifically focus on regulating the railroad industry.
2. Laissez-faire policies: Laissez-faire is an economic philosophy that advocates for minimal government intervention in economic affairs. It promotes the idea that the economy functions best when left alone to operate freely. So, this option does not refer to a specific law focused on regulating the railroad industry.
3. Interstate Commerce Act: This act, passed in 1887, was the first federal law designed to regulate the railroad industry. It established the Interstate Commerce Commission (ICC), which had the authority to oversee and regulate railroad rates, practices, and operations. This act specifically targeted the railroad industry and aimed to address issues such as unfair pricing practices and discriminatory treatment.
4. Protective tariffs: Protective tariffs are taxes imposed on imported goods to protect domestic industries from foreign competition. While protective tariffs can have an impact on industries, they are not a form of regulation specific to the railroad industry.
Based on this information, the correct answer is the Interstate Commerce Act.