The trust, or more accurately, industrial trust, is a legal structure that emerged in the 1880s and 1890s in the United States as a mechanism for consolidating industries. A trust is a legal arrangement where property owners transfer control of their property to a separate legal entity—the trust—that manages the collected properties for the benefit of another party (the original owners or someone else). Legal title to the property is held by that one person or entity (the trustee) for the benefit of another (the beneficiary or beneficiaries). In the heyday of these trusts in the late 19th century, this structure was employed by industrial companies in the United States to establish economic monopolies over goods and services. All (or substantively all) participants in ...

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