Webb-Pomerene Act


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The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

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.
The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
The Webb-Pomerene Act (1918) and the Export Trading Company Act (1982) both offer a limited level of antitrust immunity for certain conduct.
In several investigations the Federal Trade Commission has construed the Webb-Pomerene Act to mean that Webb Associations may not serve as exclusive exporters (in the Type I sense) for either members or competing nonmembers.(8) Export Trading Companies are permitted to sign exclusive contracts with suppliers or members as long as competition in the (AS.
But in 1924 the Federal Trade Commission responded to various questions raised by domestic silver producers by issuing the "Silver Letter" which broadened the exemption to include any association that simply "engage[s] in allotting export orders among its members and in fixing prices at which the individual members shall sell in export trade."(2) Thus, early on it became appropriate to interpret the Webb-Pomerene Act as a vehicle for establishing United States export cartels.
manufacturing industries in general perceive the Webb-Pomerene Act as a useful vehicle for exercising market power in international trade.
the Webb-Pomerene Act, extending antitrust exemption for cooperative