Word: shermanism
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Sources: The Path Between the Seas, by David McCullough; The Panama Canal, by Lesley A. Dutemple; An Autobiography, by Theodore Roosevelt; Letters and Speeches of Theodore Roosevelt; Destiny by Design, by Jeremy Sherman Snapp...
...economy were becoming dominated by behemoths like John D. Rockefeller's Standard Oil, which marketed 84% of all the petroleum products in the U.S. As large companies gobbled up smaller ones, McKinley did nothing to spoil the feeding frenzy, though it often meant higher prices and lower wages. The Sherman Antitrust Act, passed in 1890, was a feeble weapon to begin with--the Supreme Court had restricted how it could be used--but McKinley didn't even take the trouble...
...suit against Northern Securities eventually landed at the Supreme Court, and Roosevelt won a narrow but crucial victory that opened the way for more aggressive use of the Sherman Antitrust Act in other cases. He also established a Department of Commerce and Labor, which included a Bureau of Corporations to monitor the budding monopolies. Roosevelt endlessly reassured Big Business that he intended merely to keep an eye on its conduct. But he let it be known that he meant business too. Only "the corporation that shrinks from the light" would have anything to fear from government, he once said. Then...
...Staff writer Natalie I. Sherman can be reached at nsherman@fas.harvard.edu...
...Staff writer Natalie I. Sherman can be reached at nsherman@fas.harvard.edu...