Sherman Act
Sherman Act: a United States law passed in 1890 with the aim of prohibiting monopolies and restraints in interstate commerce as well as foreign trade. It remains the basis of the American system of antitrust laws and policies. The United States Supreme Court said of it in 1958: "The Sherman Act was designed to be a comprehensive charter of economic liberty aimed at preserving free and unfettered competition as the rule of trade". Section 1 of the Act states that “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, is hereby declared to be illegal.” In the early days this was interpreted literally, but a 1911 Supreme Court judgement held that only unreasonable or undue restraints of trade were to be covered. Section 2 of the Act states that “Every person who shall monopolize, or attempt to monopolize, or combine and 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 . . .” See also Webb-Pomerene Act.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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