Roosevelt, a Republican, confronted the bitter struggle between management and labor head-on and became known as the great “trust buster” for his strenuous efforts to break up industrial combinations under the Sherman Antitrust Act .
Why was Roosevelt known as a trust buster quizlet?
Theodore Roosevelt was known as a “trustbuster” because he wanted to test the power of the government to break up bad trusts . He even asked the Attorney General to bring a lawsuit against a trust to make his point.
Who was known for being a trust buster?
Teddy Roosevelt (not Ned Flanders) leading the charge against trusts in a cartoon from 1899. Teddy Roosevelt was one American who believed a revolution was coming. He believed Wall Street financiers and powerful trust titans to be acting foolishly.
Who was a bigger trust buster than Roosevelt?
William Howard Taft proved to be even more aggressive than Roosevelt in his use of the Sherman Act. In fact, Taft during his four years in office launched more antitrust cases than Roosevelt had done in his seven and one-half years in office.
Which president busted the most trusts?
Trust-Busting
More trust prosecutions (99, in all) occurred under Taft than under Roosevelt, who was known as the “Great Trust-Buster.” The two most famous antitrust cases under the Taft Administration, Standard Oil Company of New Jersey and the American Tobacco Company, were actually begun during the Roosevelt years.
Who was known as the trust busting president quizlet?
Who was Theodore Roosevelt ? The president of the United States that enforced the anti trust laws in order to dissolve immoral trusts.
What was trust busting quizlet?
Trust-busting is any government activity designed to kill trusts or monopolies . ... A trust is a monopoly (group of different things all controlled by one management).
Why are monopolies banned in the US?
Competitors may be at a legitimate disadvantage if their product or service is inferior to the monopolist’s. But monopolies are illegal if they are established or maintained through improper conduct , such as exclusionary or predatory acts.
What is a bad trust?
bad trusts: eliminate competition or drive them out; hurt consumers with high prices in order to maximize wealth .
Why was trust busting a good idea?
Progressive reformers believed that trusts were harmful to the nation’s economy and to consumers. By eliminating competition, trusts could charge whatever price they chose . Corporate greed, rather than market demands, determined the price for products.
Was Taft better than Roosevelt?
Generally more conservative than Roosevelt , Taft also lacked his expansive view of presidential power, and was generally a more successful administrator than politician.
How many trusts did Taft break up?
Three big trust breakups that occurred under Taft were Standard Oil, the American Tobacco Company, and the American Sugar Refining Company.
What industries trusts did Roosevelt target?
The two most well-known trusts dissolved during Roosevelt’s presidency were the ones involving Northern Securities Trust and the Beef Trust . The Beef Trust was made up of six leading meatpacking companies (Swift, Armour, Morris, Cudahy, Wilson and Schwartzchild), which controlled half of the American meat industry.
Who broke more trusts TR or Taft?
Roosevelt supported William Howard Taft for President in the election of 1908. Taft won easily. Taft broke up more trusts than TR .
Which US president broke up monopolies?
William Howard Taft : Break up all illegal monopolies by bringing lawsuits against them under the Sherman Act. 4.
Why are trusts bad for consumers?
Consumers were forced to pay high prices for things they needed on a regular basis, and it became clear that reform of regulations in industry was required. The loudest outcry was against trusts and monopolies. ... Trusts also upset the idea of capitalism , the economic theory upon which the American economy is built.
