Trust

Real World Example

In history, during the Industrial Revolution in the United States, a trust referred to a large combination of companies that worked together to control markets and reduce competition. These trusts were important because they allowed a few powerful companies to dominate entire industries, like oil or steel, often leading to higher prices and less choice for consumers. Trusts responded to the need for efficiency and growth but also raised concerns about fairness and monopoly power. Today, the concept of trust still matters because large companies can influence prices, choices, and even laws, affecting everyday life. For example, if one company controls all the internet services in your area, they might charge high prices or offer poor service because there's no competition to keep them in check.