Modern history
The creation of a modern industrial economy took place. With the creation of a transportation and communication infrastructure, the corporation became the dominant form of business organization and a managerial revolution transformed business operations. In 1890, Congress passed the Sherman Antitrust Act--the source of all American anti-monopoly laws. The law forbade every contract, scheme, deal, or conspiracy to restrain trade, though the phrase "restraint of trade" remained subjective. By the beginning of the 20th century, per capita income and industrial production in the United States exceeded that of any other country except Britain. Long hours and hazardous working conditions led many workers to attempt to form labor unions despite strong opposition from industrialists and the courts. But the courts did protect the marketplace, declaring the Standard Oil group to be an "unreasonable" monopoly under the Sherman Antitrust Act in 1911. It ordered Standard to break up into 34 independent companies with different boards of directors.
What transformed business organization in 1890?
managerial revolution
With the creation of a transportation and communication infrastructure, the corporation became the dominant form of business organization and a managerial revolution transformed business operations.
business organization