How did AT&T get exempt from the Sherman Antitrust Act?
What will be an ideal response?
ANS: AT&T was threatened with an antitrust suit in 1910, when it acquired the Western Union Telegraph Company, raising the specter of a national telecommunications monopoly. So AT&T cancelled the deal, promised to mend its ruthless ways and committed itself to the principle of universal service. This agreement, the so-called Kingsbury Commitment, was formally enacted into law by Congress in the Graham Act of 1921. That exempted AT&T from the Sherman Antitrust Act and validated the notion of a "natural monopoly": The government agreed that it only made economic sense to have a single phone company serving an area.
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