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- 19th Century (644)
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- United States (287)
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- Twain, Mark (156)
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Trust (19th century)
From Wikipedia, the free encyclopedia
A trust or business trust was a form of business entity used in the late 19th century with intent to create a monopoly. Some but not all were organized as trusts in the legal sense. They were often created when corporate leaders convinced (or coerced) the shareholders of all the companies in one industry to convey their shares to a board of trustees, in exchange for dividend-paying certificates. The board would then manage all the companies in 'trust' for the shareholders (and minimize competition in the process). Eventually the term was used to refer to monopolies in general. In 1898, President William McKinley launched the 'trust-busting' era when he appointed the U.S. Industrial Commission. The report of the Commission was seized upon by Theodore Roosevelt, who based much of his presidency on "trust-busting".
Prominent trusts included Standard Oil, U.S. Steel, the American Tobacco Company and the International Mercantile Marine Company.
This kind of trust led to the term "antitrust laws" in the United States for what the rest of the world calls "competition laws." The pioneering United States antitrust laws, especially the Sherman Antitrust Act, were initially aimed at breaking up these trusts.
- Cartel, a modern implementation
- William McKinley
- U.S. Industrial Commission
- Commissioner Andrew L. Harris