Principles of Political EconomyPerry, Arthur Latham
General
Principles of Political Economy
Perry, Arthur Latham
Economics
But, on the other hand, whatever lessens or threatens to lessen this
natural and most beneficial stress of competition among producers of
similar commodities at home or abroad, necessarily lessens the motive
on the part of these producers to excellence of quality in their goods
and to cheapness of their cost, because it makes less the diversity of
relative advantage as between these producers and those producers of
other commodities against which the first exchange. The units of
advantage that would otherwise be divided between the exchangers are
diminished; the motives to trade and the rewards of trade are thus
lessened to each pair of parties subject to such diminution of
competition, and consequently to the community, or nation, or family
of nations, as a whole; and accordingly this is the precise place for
us to look into the nature and effects of _Monopoly_, so called, and
to perceive once for all, that Monopoly is the enemy of mankind.
Monopoly is a word derived from two Greek words, which mean when
combined _selling alone_, that is, the privilege of selling one's
commodity free from the competition to which it is naturally subject
by other sellers than the privileged one. Monopoly is thus artificial
restraint imposed on some buyers and sellers for the supposed benefit
of other buyers and sellers. It is wholly unnatural. It is usually
enjoyed under the forms of law. Its beneficiaries commonly cajole or
extort from Government by hook or by crook the exclusive privilege of
selling certain commodities in a designated market. Their motive is
purely selfish: it is simply and solely to get for themselves a
return-service artificially enhanced by selling commodities in a
legally restricted market. The effect in the first instance usually
corresponds to their expectations. The public are at their mercy so
far as the designated commodities are concerned.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account