The OPEC oil embargo in 1973 had sent prices skyrocketing, and fair trade laws became a target of policymakers looking to combat inflation. At its peak, 45 states had adopted fair trade laws, but by the end of 1975 Congress passed legislation prohibiting them. In a sign of the shifting ground in D.C., the bill faced little opposition — only Minnesota Senator Hubert Humphrey voiced disapproval. One way to contextualize these policy changes — which were accompanied by a pro-monopoly judiciary — is to consider the rise of Walmart. The death of fair trade gave Walmart its first opening to undermine local retailers.

Source: New York Times September 16, 2022 23:31 UTC