Read about the history of the Sherman Antitrust Act, the first law to ban monopolistic behavior

Modern antitrust law was created to combat the Standard Oil Trust

John D. Rockefeller's Standard Oil Trust enabled him to evade laws against a single corporation buying stock in another. His centralized board of directors held stock in many different oil companies under his control, allowing Rockefeller to eventually monopolize the oil refining industry. Efforts to regulate and prevent the Standard Oil Trust's monopoly became known as "antitrust" laws.

The winding journey from Standard Oil to the modern oil industry

Standard Oil’s impact on the business world can be clearly seen today in oil giants like Exxon and Chevron. But the journey from the Rockefellers’ trust to the modern firms was a windy road. After the Supreme Court ordered Standard Oil’s break up, the first step saw it separate into many state-based companies like Standard Oil of California and the Ohio Oil Company. Visualize it here.

Listen to a podcast that traces the history of DOJ antitrust enforcement

This podcast series traces how the US government's approach to regulating big business has changed over a century—from the DOJ's breakup of John D. Rockefeller's Standard Oil monopoly, through lawyer Robert Bork's influence on how courts interpret competition law, to the FTC's modern antitrust lawsuit against Amazon.

How famed investigative journalist Ida Tarbell took on Standard Oil

After watching her father lose his oil refining business to Standard Oil, Ida Tarbell began to focus on unfair business practices in the US, writing a series on the oil giant's transgressions.

Read the Federal Trade Commission's legal definition of a monopoly

The Federal Trade Commission and the US Department of Justice (DOJ) Antitrust Division are the regulatory agencies responsible for overseeing antitrust laws. Before deeming any company a monopoly or acknowledging monopolistic power in a market, the FTC conducts thorough research into market competition, price, and even other competitors' business practices.

Explore a list of well-known monopolies

Many American monopolies popped up during the rapid industrial growth of the Gilded Age. Industries like steel, tobacco, railroads, and telecommunication have all been monopolized at some point in history.

In 1975, a Major League Baseball clause that kept players legally tied to their teams after retirement was dismantled

Players fought the "reserve clause" for years, citing the Sherman Antitrust Act of 1890, but to no avail—in fact, the Supreme Court ruled professional baseball was neither interstate nor commerce in 1922. Players effectively unionized in 1966, and by 1975, an arbitration panel ruling led to the dismantling of the reserve clause, which had been the only antitrust exemption in professional sports.

A 1948 Supreme Court ruling realigned the film industry

1948's landmark United States v. Paramount Pictures found that the "Big Five" studios violated antitrust laws, effectively ending the reign of the vertically integrated system and the golden age of Hollywood.

Robber barons, the monopolistic business people of the 19th century, explained

“Robber baron” was a term used to describe 19th-century businesspeople who engaged in monopolistic business practices and didn’t face much business regulation, resulting in significant wealth.

Monopoly was based on the satirical Landlord's Game, which criticized the abilities Monopoly rewarded.

250 years of world trade history

Adam Smith’s revolutionary ideas about free trade were often ignored throughout American history to protect domestic industry—until World War II caused a shift in sentiment about global trade.

Gibbons v. Ogden expanded federal power over interstate commerce

In 1824, the Supreme Court unanimously invalidated a New York steamboat monopoly, ruling that navigation between states constitutes interstate commerce. Chief Justice John Marshall held that Congress has authority over such commerce and that conflicting state laws are void under the supremacy clause.

The Fair Labor Standards Act regulated child labor and introduced many protections

Child labor was widespread until the formation of the National Child Labor Committee, which hired photographer Lewis Hine to document conditions. His images spurred reform efforts like the Keating-Owen Act in 1916, which was overturned by the Supreme Court. Progress came in 1938 with the Fair Labor Standards Act.

The Tariff Act of 1789 was one of America's first acts

One of the first acts ever passed by the United States Congress instituted tariffs on foreign goods. The bill was sponsored by then-Congressman James Madison and signed into law by President George Washington. The goods the first Congress felt necessary to tax included Jamaican rum, playing cards, and—of course—British tea.

Learn about the history of the Monroe Doctrine

CBS Sunday Morning explores the origins of the Monroe Doctrine, tracing how a 19th-century warning against European intervention shaped US foreign policy and influenced America’s role in the Western Hemisphere for generations.

Amazon sends its first-ever letter to shareholders every year

The first letter to Amazon’s shareholders, written by founder and then-CEO Jeff Bezos in 1997, is a key part of the Amazon story—laying out the company’s long-term approach to the business and several of its core operating values. Bezos emphasizes, for example, Amazon’s plan to start with a bookstore but to evolve into a much larger ecosystem.

Both individuals and businesses can establish trusts

Business trusts can allow trustees to manage a beneficiary’s stake in a business, and more. There are many different specific types of business trusts.

New York Times Co. v. Sullivan transformed libel law and the relationship between the press and public officials

The 1964 case arose when an Alabama official sued The New York Times over a civil rights advertisement he claimed was defamatory. The ruling makes it very difficult for public officials to win libel suits against the press unless they can prove deliberate falsehood.

In the 1950s, the federal government tried to dissolve tribal nations and end their sovereignty

A federal policy called "termination" withdrew official recognition from more than 100 tribes in the 1950s, cutting off federal services and subjecting reservation land to state taxes and sale.

Monsanto got its start in the early 1900s producing saccharin

The company was originally called Monsanto Chemical Works and was founded in 1901 by John Francis Queeny who was then a wholesale drug buyer. He named the company Monsanto for his wife's maiden name. At first, the company began producing saccharin with borrowed equipment and secondhand machines, aiming to produce domestically what was then being imported from Germany. (Some users may encounter a paywall.)

At the beginning of the 20th century, a group of young men ate standard American food—replete with food additives like borax and formaldehyde—as part of government research to better understand food safety.

Read about why bans on short selling are a controversial policy

Generally, short selling is legal, but regulations often restrict short positions when a stock has experienced a sharp price decline (more than 10% in one day). However, negative feedback loops in times of financial crisis have given short selling a bad reputation. The government has temporarily banned short selling during previous market downturns—like The Great Recession of 2008 and the early months of the COVID-19 pandemic—but experts argue whether those bans actually improved market stability or just distorted prices.

The first private equity fund was launched in 1960

At the time, the industry—and the public's understanding of it—was rather limited, and few private equity firms existed until the 1980s. The first leveraged buyout is thought to have taken place in 1955.

Los Angeles once suffered some of the worst smog on Earth

From the 1940s through the 1960s, Los Angeles was blanketed by dense, eye-burning smog so severe that drivers sometimes couldn't see traffic lights. The issue led to the nation's first local air pollution controls and inspired the passage of the 1970 Clean Air Act.

Building the first atomic bomb required unprecedented coordination

Creating the first atomic bombs demanded breakthroughs in physics, engineering, and logistics—uniting elite scientists with tens of thousands of workers across the US. This in-depth history explains how the Manhattan Project overcame those challenges.

Anti-money laundering laws forcing banks to report data have become important foreign policy tools

Since the Bank Secrecy Act of 1970, which required banks to report transactions exceeding $10K and keep records on customers, anti-money laundering laws have become an important proxy for American foreign policy initiatives. Increased regulation via financial institutions helps curb drug and human trafficking, as well as destabilize the financial infrastructure for terrorist organizations.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.

70 years ago today, city officials in Santa Cruz, California, banned rock 'n' roll to protect its youth from corruption after witnessing a 'provocative' concert the night before.

The name 'Silicon Valley' arose from the founding of Shockley Semiconductor Laboratory in Fairchild Semiconductor in 1956-57, founded near Stanford University in Palo Alto

The story of Dollree Mapp, whose legal challenge over her 1957 conviction for possessing "obscene material" led to a major strengthening of the Fourth Amendment

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

In 2025, four executives from large tech companies were given positions in the US Army Reserves—including Palantir Chief Technology Officer Shyam Sankar, which reinforced Palantir's ties with the US military and its role as a leading defense partner.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

Learn how monoclonal antibodies, which mimic the body's antibodies, can fight diseases like Ebola.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.

'Grand Canyon of the Yellowstone,' a work by American painter Thomas Moran, inspired Congress to establish Yellowstone National Park.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

Sears sold DIY house kits starting at $600 in its famous catalog from 1908 through the 1940s, resulting in roughly 10,000 'Sears and Roebuck houses' being built.

Before writing 'Walden,' transcendentalist Henry David Thoreau nearly burned down his hometown with a campfire that grew out of control.

The first robot in literature may have been a 'mechanical man' in 1907's 'Ozma of Oz,' a book in L Frank Baum's 'Wizard of Oz' series.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

Sony set the standard for cylinder-shaped batteries when it repurposed manufacturing equipment used to make rolls of magnetic recording tape.

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

Alzheimer's can lead to brain shrinkage, with an average of around 2% of volume reduction per year