The Sherman Antitrust Act of 1890 was a landmark piece of legislation that helped to break up monopolies and promote competition in the United States. The act was named after its sponsor, Senator John Sherman of Ohio.
The Sherman Act was passed in response to a wave of consolidation in the late 19th century that had created a number of large monopolies. These monopolies had the power to set prices, control production, and stifle competition. This led to higher prices for consumers and less choice in the marketplace.
The Sherman Act made it illegal for companies to engage in any "contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce." The act also made it illegal for companies to monopolize or attempt to monopolize any part of trade or commerce.
The Sherman Act was a major victory for the cause of antitrust and helped to ensure that competition would remain a key part of the American economy. The act has been used to break up a number of monopolies, including Standard Oil and AT&T. It has also been used to prevent mergers that would have resulted in a monopoly.
The Sherman Act has been controversial since its passage. Some critics argue that the act is too broad and that it has been used to prosecute businesses that are not actually monopolies. Others argue that the act is too weak and that it does not do enough to prevent monopolies from forming.
Despite these criticisms, the Sherman Act remains a cornerstone of American antitrust law. The act has helped to create a more competitive marketplace and has protected consumers from the abuses of monopolies.