Webb-Pomerene Act

(redirected from Webb-Pomerene Act of 1918)
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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 It might be outdated or ideologically biased.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.