In 1890, the U.S. government imposed a ban on gentlemen`s agreements in trade and trade relations between nations. A report by the U.S. House of Representatives detailing its United States Steel Corporation investigation stated that in the 1890s there were two general types of associations or bulk consolidations between steel and ferrous interests in which different groups owned ownership, as well as a high degree of independence: the “pool” and the “Gentleman`s Agreement.” [5] The latter type lacked a formal organisation to regulate production or prices or forfeiture rules in the event of infringement. [5] The effectiveness of the agreement relied on members to meet informal commitments. [5] Gentlemen`s agreements between industry and the U.S. government were common in the 1800s and early 1900s. The Bureau of Corporations, a predecessor of the Federal Trade Commission, was established in 1903 to investigate monopolistic practices. Gentlemen`s agreements have come to regulate international activities as the coordination of monetary or trade policies. [13] According to Edmund Osmasczyk in the United Nations Encyclopedia and International Agreements, it is also defined as “an international term for an oral and unwritten but fully valid agreement.” [14] This type of agreement may allow a nation to circumvent national legal requirements to enter into a formal contract[13] or it may be useful for a government to want to enter into a secret agreement that does not engage the next government. [15] According to another author, all international agreements are gentlemen`s agreements because, just before the war, they are all unenforceable. [15] Osmaczyk noted that there was a difference between gentlemen`s open agreements and secret diplomatic agreements.

[14] In the United States, in 1890, the prohibition of gentlemen`s agreements was introduced in interstate trade relations because the secrecy of these agreements was beyond anyone`s control. [14] All online dictionaries say that the phrase never refers to a written agreement. But Wikipedia says: “It`s usually oral, although it can be written.” Sometimes, when the parties know each other very well, it may even be a non-verbal agreement. These examples are automatically selected from different online sources of information to reflect the current use of the word “gentleman`s Agreement.” The opinions expressed in the examples do not reflect the views of Merriam-Webster or its publishers.