Competition; Monopolies -- United States; Trusts, Industrial
farmer can take the prices they offer or keep his seed. Fortunately the
farmer can raise other products instead of flax-seed, and will do so if
the price is lowered by any large amount.
One other possible mode of profit for the trusts, which, however, they
are hardly likely to engage in--from their fear of public opinion, if
for no other reason--lies in the power which they possess over the labor
market. It will probably be conceded at once that the rate of wages in
any occupation depends, among other things, upon the competition of the
various workmen who seek employment in that occupation, and also upon
the competition among those who wish to hire men to work at that
occupation. It is plain that when the competition among employers to
secure men is active, wages will rise; and when this competition falls
off, wages will fall. Now the trust is more than a combination for
selling purposes only. It is a combination of all the properties
concerned under practically a single ownership. Clearly, then, as the
various mills belonging to a single owner will not compete with each
other in the employment of labor, the mills belonging to a trust will be
no more likely to do so. Thus if it were not for the fact that the
workmen are able to take up some other employment if their wages are too
low, they would be absolutely obliged to take what wages, great or
small, the trust chose to give, and would be as dependent for their food
and clothing upon the trust as was the slave upon his master.
Public-domain text, read in full here on John Shaqi.
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