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PREFACE TO FOURTH EDITION
show remedies for the evils of industrial combinations that have been proposed by those who have given very careful study to the subject. Appendix D, in giving outline histories of representative industrial combinations, shows, not only economic results springing from these great business organizations, but also the influence of Governmental action upon them. In the succeeding appendices are given in sufficient detail the laws of the United States and foreign countries, so that the reader can make a reasonably accurate comparison of the attitude toward these combinations of various Governments under different economic conditions.
It is believed that enough of this material has been given to form the basis for an excellent course for any group of university students without going outside of the volume itself. Although, of course, the advantage of wide reading in the libraries is not to be overlooked.
The history of the years since the publication of the preceding edition, though fruitful in experience and in legislation, shows no need of change in the judgment of fundamental principles. Slight changes in emphasis may be noted. The degree of monopoly power that can be exercised by the capitalistic combinations, for example, is apparently somewhat less than we earlier thought, while the regulative power of competition and of public opinion is somewhat more.
New York, July, 1917. /
Concentration Characteristic of Modern Life
Increased Size of Average U. S. Manufacturing Plant
1. The Assumption of "Free Competition"
2. "Friction" of Competition in Retail Trade.
3. Competition Among Wholesalers and Manufacturers .
4. Competitive Conditions When Large Capital Is Need-·
1. Competitive Prices Not Necessarily Low Prices
2. Advantages of Large Scale Production and of Com-
Elimination of Cross Freight Charges
(6) Can Run Plants Steadily at Full Capacity
(10) Can Specialize the Labor Force
(11) Combination Makes Comparative Accounting
4. Great Capital May Gain Monopolistic Powers Through
Cost Savings and Through Competitor's Fear
THE BASIS OF CAPITALIZATION
Capitalization at Reproduction Cost.
3. Argument Favoring Earning Capacity Capitalization.
METHODS OF ORGANIZATION AND MANAGEMENT
1. Need of Scientific Study of Prices for Trust Products .
6. Study of Iron and Steel Prices
7. General Conclusions Regarding Effect of Large In-
1. Effect of Trusts on Wages
2. Trusts and Trade Unions.
3. Travelling Salesmen and Superintendents More
Often Discharged on Formation of Trusts Than Other
4. Advantages to Workingmen Through Trusts
5. Trusts and Workingmen May Combine Against Con-
1. Trusts and the Legislatures and Courts
2. Trusts Should Not Be "Destroyed" Because of Cor-
3. Does the Trust Destroy Individual Initiative, Ambition
4. Capitalization of Combinations
5. Price Effects of Combinations
9. Trust Legislation in England
10. Trust Legislation in France
11. Trust Legislation in Germany
12. Trust Legislation in Austria
13. European Reaction on Trusts Since the Beginning of
the Great War