ecs. 6 and 7.]

[Footnote 7: Compiled from data given by "The Journal of Commerce and
Commercial Bulletin," reprinted in "The Commercial Year Book," Vol. V,
1900, pp. 564-569.]

[Footnote 8: John Moody, "The Truth About the Trusts," 1904]

[Footnote 9: See Vol. I, pp. 388-393.]

[Footnote 10: See Vol. I, pp. 391-392.]

[Footnote 11: See Vol. I, p. 334, on the function of the promoter.]

[Footnote 12: See Vol. I, pp. 80-85, 382-387, 394-396.]

[Footnote 13: A summary of this evidence is given in the author's
"Principles of Economics" (1904), pp. 327-330. A fuller outline of
the results of the Commission's conclusions may be found in "The Trust
Problem," by J.W. Jenks, who acted as expert in the investigation.]

CHAPTER 29

PUBLIC POLICY IN RESPECT TO MONOPOLY

Sec. 1. Moral judgments of competition and monopoly. Sec. 2. Public character
of private trade. Sec. 3. Evil economic effects of monopolistic price.
Sec. 4. Common law on restraint of trade. Sec. 5. Growing disapproval of
combination. Sec. 6. Competition sometimes favored regardless of results.
Sec. 7. Increasing regard for results of competition. Sec. 8. Common law remedy
for monopoly ineffective. Sec. 9. First federal legislation against
monopoly. Sec. 10. Policy of the Sherman anti-trust law. Sec. 11. Policy of
monopoly-accepted-and-regulated. Sec. 12. Field of its application. Sec. 13.
Industrial trusts,--a natural evolution? Sec. 14. Artificial versus natural
growth. Sec. 15. Kinds of unfair practices. Sec. 16. Growing conception of
fair competition. Sec. 17. The trust issues in 1912. Sec. 18. Anti-trust
legislation in 1914.

Sec. 1. #Moral judgments of competition and monopoly.# What should be the
attitude of society toward monopoly? Is it good or bad as compared
with competition? Some very strong ethical judgments bearing on
practical problems are found in the popular mind connected with the
ideas of competition and monopoly. Competition usually is pronounced
bad when viewed from the standpoint of the competitors who are losing
by it, and as good when viewed from the standpoint of the traders on
the other side of the market who gain by that competition. Competition
among buyers thus appears to sellers to be a good thing; that among
sellers appears to themselves to be a bad thing (and _vice versa_).
Many persons are moved by sympathy to pronounce competition among
low-paid and underfed workers to be bad, and each wo