Webb-Pomerene Act

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Webb-Pomerene Act

 

(Webb Export Combination Act), a law aimed at limiting antitrust legislation in the USA. It was enacted by the US Congress in 1918 under conditions of sharply increased American foreign economic expansion consequent to World War I. The law was named for Representative E. Webb and Senator A. Pomerene, who introduced the measure in Congress. Under the act, the laws against trusts did not extend to capitalist associations engaged in exporting, which promoted the creation of exporters’ associations. In the first ten to 12 years alone of the law’s existence, about 60 powerful exporters’ associations were formed in the USA.

REFERENCE

Wright, C. W. Economic History of the United States, 2nd ed. New York, 1949.