Modern antitrust law was created to combat the Standard Oil Trust

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

In its later years, Standard Oil formed a business trust that reflected the company's exponential growth. Politicians wanted to prevent such trusts and used the Sherman Antitrust Act to force Standard Oil to break up.

Standard Oil's predatory business practices included temporarily operating at a loss to drive competitors out of business

Rockefeller's oil monopoly had a dark side, including cutting oil prices so low that Standard Oil was sometimes temporarily operating at a loss in order to drive competitors out of business.

Standard Oil used vertical integration to create an empire

“Vertical integration” is a modern business phrase that refers to a company taking on multiple stages of production—but John D. Rockefeller pioneered it with his Standard Oil company, employing its own plumbers and handling its own oil transportation.

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 John D. Rockefeller became the world's first billionaire

From a young age, John D. Rockefeller knew he was interested in business. He worked as a bookkeeper and sold candy prior to starting the business empire that would help cement the Rockefeller name in history: Standard Oil.

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.

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.

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.

Today’s Rockefellers have become climate activists

The Rockefeller Family Fund has been engaged in more than 40 lawsuits against ExxonMobil, a company that John D. Rockefeller’s Standard Oil created.

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.

In 1931-32, JP Morgan Jr. paid no income taxes due to his company’s losses

This legally reduced his taxable income under existing laws. Similarly, the Rockefellers leveraged charitable foundations to minimize taxes, allowing them to preserve wealth while directing funds to their preferred causes.

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.

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.

Meta's acquisition strategy for Instagram and WhatsApp led to a 5-year-long antitrust lawsuit

In 2020, the Federal Trade Commission sued Meta as part of the agency's efforts to rein in big tech companies. The FTC alleged that Meta overpaid for Instagram and WhatsApp in a "buy or bury" strategy to gain access to those companies' talent and diminish competition. In 2025, a federal judge sided with Meta, citing intense change in the social media landscape.

Soybean oil fraud almost decimated American Express in 1963

A New York commodities trader who had defrauded the American government over uninspected meat for school lunches, Anthony "Tino" De Angelis, used American Express warehouses to sell soybean oil. However, Angelis had actually filled the tanks with water and placed just enough soybean oil on top of the tanks to pass inspection. American Express was liable for many of the tanks and its stock faced a huge downturn, opening the door for a then 33-year-old Warren Buffett to make his first purchase in the company.

Thomas Edison publicly executed animals with AC to convince the public of its dangers

J.P. Morgan first backed Thomas Edison's direct current system, seeing electricity's potential to usurp John D. Rockefeller's kerosene empire. Despite the investments and smear campaign against alternating current, alternating current ultimately won public support after lighting the 1893 World's Fair, after which Morgan would fund Tesla's wireless transmission tower.

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.

International organizations exploit ultimate beneficial owner policies in different countries to shield bad actors

UBO policies help determine who owns businesses by evaluating who is making the decisions, regardless of the listed owner.

How Anthropic's experimental corporate structure incentivizes safe AI development

As Anthropic is a public benefit corporation, its board is tasked with making sure that AI tools are developed to help people and society thrive. Members of its Long Term Benefit Trust hold no equity in the company, but make up a majority of the board and can act to maintain Anthropic's public benefit purpose.

Early Americans hated the idea of a central bank

After a series of economic panics induced by a lack of reserve cash at regional banks, the architects of today’s Federal Reserve opted to emphasize the goal of the bank as a reserve at the federal level—thus creating the lasting name.

How the Supreme Court established biotechnology patent law with an oil-eating microbe

While working at General Electric, microbiologist Ananda Chakrabarty engineered a strain of Pseudomonas that could break down multiple types of hydrocarbons and filed a patent on the bioremediation organism. Despite challenges over whether living things could be patented, the 5-4 decision held that genetically modified organisms could be patented because they were human-made inventions.

John Marshall owned enslaved people and ruled against them in slavery cases

Though Marshall wrote that slavery was "contrary to the law of nature," he enslaved nearly 200 people at his death in 1835 and ruled against enslaved claimants in several cases. His will offered conditional emancipation to Robin Spurlock, his first slave.

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.

Trusts are estate planning tools

They’re used as a way to designate assets to beneficiaries while skirting certain taxes and maintaining one’s privacy. They can hold a wide range of assets, including cash, real estate, stocks, businesses, and more.

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.

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

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.

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.

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

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.

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.

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

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.

Long before Major League Baseball began allowing instant replay for balls and strikes, an umpire reluctantly used the technology to determine whether a hit was a home run, a move that inadvertently ushered in a new era for the sport.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

The animatronic shark from Steven Spielberg's 'Jaws,' the first modern blockbuster, was a complex underwater apparatus called 'Bruce.'

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

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.

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

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

Legendary architect Frank Lloyd Wright designed the SC Johnson headquarters in Wisconsin, aiming to make a cathedral-like workplace

While atoms are normally made of protons, neutrons, and electrons, exotic ones have been built with antimatter—alternate versions of normal matter that live for fractions of a second and are about a billion times as rare.

Louisiana's 'Cancer Alley' is infamous for having some of the highest industrial pollution, toxic air emissions, and cancer risks in the US.

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

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'

The hormonal disorder PCOS was renamed PMOS in 2026, a move designed to improve care and research by shifting the focus to the hormonal causes of this condition that affects 1 in 8 women.