Industrial Reconstruction and the Control of Competition: The British Experiments

Industrial Reconstruction and the Control of Competition: The British Experiments

Industrial Reconstruction and the Control of Competition: The British Experiments

Industrial Reconstruction and the Control of Competition: The British Experiments

Excerpt

This study is an analysis and interpretation of recent underlying developments in industrial organization and social policy in Great Britain. The general subject matter is the progressive abandonment of free competition and the establishment of so-called industrial self-government. The point of view is exclusively one of exposition. The objective is to present the facts regarding the many experiments that have recently been conducted in British industry, not to pass judgment on British social policy nor to advocate any particular programme.

A few remarks should be inserted at the outset on the matter of terminology, in regard to which this field of economic study shows a disconcerting lack of uniformity. Is the existence of competition, for instance, to be determined by the degree of rivalry between producers or by the resulting price? Does monopoly refer to the form of organization or to the economic power exerted? How much control can be exercised before a price ceases to be competitive and becomes monopolistic? As a matter of fact, of course, there is a vast twilight zone between perfect competition and complete monopoly which is neither the one nor the other. Even in reference to organization there is no unanimity of usage. Thus the term "cartel" may allude to a specific form of organization, or to control in general. The whole problem of classification and terminology is particularly difficult in Great Britain because the movement has not . . .

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