most famous Monopolies from the end of the 19th century to the beginning of the
ID: 1166139 • Letter: M
Question
most famous Monopolies from the end of the 19th century to the beginning of the 20th century (Monopoly, Antitrust -Power Points). I would like you to:
A) name 3 of them
B) who was their leader
C) how did they become Monopolies? (at least 3 sentences)
D) What President took action to break up the monopolies, and what were his actions (laws)? (at least 3 sentences)
E) Name 2 current day Companies that can be considered monopolies and describe why they can be considered monopolies (at least 3 sentences)?
Explanation / Answer
A) Below are some of the most famous Monopolies from the end of the 19th century to the beginning of the 20th century.
US steel (formerly Andrew Carnegie’s steel company),
Standard Oil Company (formerly owned by John D. Rockefeller)
American Tobacco Company
B) The most powerful monopoly was that of Standard Oil Company.
C) First there was no meaningful competition available in the market. They used unethical tactics to dictate prices and drive competitors out of market. Some of them were granted exclusive contracts by colonial government administrators which continued till late 19th century.
D) Theodore Roosevelt took action to break up the monopolies. He used Sherman Antitrust Act to break up trusts and limit the power of monopolies. He used the legislation to break these big businesses into small companies making them compete each other.
E) In operating software industry “Microsoft”, in search engine business “Google” and in corn seed industry “Monsanto” can be considered as monopolies. These companies capture nearly 70% of the market share. They have patented products because of which no other competitor has ability to develop same products.
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