The Sherman Anti-Trust Act was the first major US competition Law. The Act, named for it's Senate Sponsor, John Sherman (R-OH), was enacted in 1890, and intended to end monopoly in business.
Effect of the Sherman Anti-Trust Act Edit
The Sherman Anti-Trust Act may have been intended to limit monopolistic practices of business, but once in the hands of the Courts, it's primary use was to limit interstate activities of Labor organizations. Businesses were able to avoid the Sherman Anti-Trust Act by keeping their Monopolies within a single state, and influencing the legislature of States rather than the Federal Government. Effective competition law, and removal of Labor organization restrictions did not occur in the US until the enactment of the Clayton Act, in 1914. Some would claim that true competition law has yet to be enacted in the US, since existing laws have once again been limited by Courts to consumer protection, and anti-competitive behaviors are not effectively regulated.