Final answer:
The Sherman Anti-Trust Act of 1890 led to the breakup of monopolies and set a precedent for antitrust legislation in the United States. It empowered the government to act against corporations that restrained free trade, with the 1911 Standard Oil case being a landmark example of its application. Further antitrust efforts were made with subsequent laws such as the Clayton Antitrust Act and the creation of the FTC.
Step-by-step explanation:
The Sherman Anti-Trust Act led to the break up of some monopolies. Passed in 1890, this integral piece of legislation gave the federal government the power to take action against corporations that were restraining free trade by forming monopolies or engaging in anti-competitive practices. One of the most famous applications of this act was in 1911 when the U.S. Supreme Court affirmed the government's authority to dismantle the Standard Oil trust, a conglomerate controlling about 90% of the country's oil refining. This led to the creation of 34 independent companies, including now well-known names like Exxon, Mobil, Amoco, and Chevron.
The anti-trust movement didn't stop there. In 1914, further regulations came with the Clayton Antitrust Act and the establishment of the Federal Trade Commission (FTC), which served to define unfair competition practices more explicitly and focus on additional issues such as price discrimination and tied sales. As years passed, other legislation like the Celler-Kefauver Act continued to augment these measures, aiming to maintain competition and curb the power of large conglomerates. Even today, the FTC, together with the U.S. Department of Justice, remains vigilant in enforcing antitrust laws to ensure a fair marketplace.