Over the last century, the U.S. has witnessed repeated efforts to break-up, if not outlaw, monopolies, cartels and trusts. The classic effort occurred in the fin de siècle era, from the adoption of the Sherman Antitrust Act (1890) and the Clayton Antitrust Act (1914), with the breakup of Standard Oil and other companies. Nearly a century later, a similar spirit led to the break-up of American Telegraph and Telephone (AT&T, the old Ma Bell) in 1984. While those promoting the current anti-monopoly efforts share much with earlier advocates, today’s efforts face a very different economic situation. More

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