Intenser Competition of the few Large Businesses._
Sec. 4. _Restraint of Competition and Limited Monopoly._
Sec. 5. _Facilities for maintaining Price-Lists in different
Industries._
Sec. 6. _Logical Outcome of Large-Scale Competition._
Sec. 7. _Different Species of "Combines."_
Sec. 8. _Legal and Economic Nature of the "Trust."_
Sec. 9. _Origin and "Modus Operandi" of the Standard Oil Trust._
Sec. 10. _The Economic Strength of other Trusts._
Sec. 11. _Industrial Conditions favourable to "Monopoly."_

Sec. 1. The forces which are operating to drive capital to group itself
in larger and larger masses, and the consequent growth of the
business-unit, require special study in relation to changes effected
in the character of competition in the market and the establishment of
monopolies. The economies which give to the large business an
advantage over the small business may be divided into two
classes--economies of productive power, and economies of competitive
power.

In the first class will be placed those economies which arise from
increased sub-division of labour and increased efficiency of
productive energy, and which represent a net saving in the output of
human energy in the production of a given quantity of commodities,
from the standpoint of the whole productive community. These include--

(_a_) The effort saved in the purchase and transport of raw materials
in large quantities as compared with small quantities, and a
corresponding saving in the sale and transport of the goods,
manufactured or other. Under this head would come the discovery and
opening up of new markets for purchase of raw materials and sale of
finished goods, and everything which increases the area of effective
competition and co-operation in industry.

(_b_) The adoption of the best modern machinery. Much expensive
machinery will only "save labour" when it is used to assist in
producing a large output which can find a tolerably steady market. The
number of known or discoverable inventions for saving labour which are
waiting either for an increase in the scale of production or for a
rise in the wages of the labour they might supersede, in order to
become economically available, may be considered infinite. With every
rise in the scale of production some of these pass from the "unpaying"
into the "paying" class, and represent a net productive gain in saved
labour of the community.

(_c_) The performance