Interstate Commerce Act

The video discusses the historical context of government regulation of monopolies in the U.S., focusing on key cases and acts like the Wabash case, the Interstate Commerce Act, and the Sherman Antitrust Act. It highlights the shift from laissez-faire capitalism to increased federal intervention, with examples like Rockefeller's Standard Oil and Carnegie Steel. The video also covers the Northern Securities case under President Theodore Roosevelt, illustrating the government's role in breaking up monopolies.

What is a monopoly in the context of U.S. history?

• A business that controls all aspects of an industry

• A government-regulated industry

• A small business with limited market influence

• A type of government tax on businesses

Which court case established that only Congress can regulate interstate commerce?

• Brown vs. Board of Education

• Marbury vs. Madison

• Plessy vs. Ferguson

• Wabash St. Louis and Pacific Railroad vs. Illinois

What was the primary purpose of the Interstate Commerce Act of 1887?

• To abolish monopolies entirely

• To give the federal government power to regulate railroads

• To allow states to control interstate commerce

• To regulate prices of goods

What does the Sherman Antitrust Act aim to achieve?

• Support the growth of monopolies

• Break up monopolies and restrict trade

• Increase government taxes on businesses

• Promote laissez-faire capitalism

Who was the author of the Sherman Antitrust Act?

• John D. Rockefeller

• Andrew Carnegie

• Mr. Sherman

• Theodore Roosevelt

Which president was known as the 'trust buster' for his actions against monopolies?

• Theodore Roosevelt

• William Howard Taft

• Woodrow Wilson

• Herbert Hoover

What was the outcome of the Northern Securities Company vs. United States case?

• The company was fined but allowed to operate

• The company was dissolved into smaller entities

• The company was allowed to continue its operations

• The case was dismissed by the Supreme Court

Which individual was notably upset by the breakup of the Northern Securities Company?

• John D. Rockefeller

• JP Morgan

• Andrew Carnegie

• Cornelius Vanderbilt

What is the significance of judicial review in the context of regulating the economy?

• It allows the president to pass laws

• It restricts the power of the federal government

• It gives Congress the power to enforce laws

• It enables the Supreme Court to interpret laws

What was a key takeaway from the Wabash case regarding state power?

• States can regulate interstate commerce

• States can set prices for interstate goods

• States cannot regulate interstate commerce

• States have full control over railroads