Business Practices, Trade Position, and Competition

Business Practices, Trade Position, and Competition

Business Practices, Trade Position, and Competition

Business Practices, Trade Position, and Competition

Excerpt

THE UNITED STATES ECONOMY is not a simple affair to be described by any title such as "free private enterprise." There is no master blueprint to which business practices must conform. Unlike the great theoretical systems of economics, such as the free-enterprise competition of Adam Smith and his successors, the socialism of Karl Marx, and the cartel system of Europe, the United States economy has taken form through a series of unsystematic adjustments and contrivances designed to cope with situations as they arose. There is planning only in the sense of continual adjustment to a changing set of conditions, different environment, constantly fluctuating values, newly arriving and departing factors. In this respect, the United States government and American business practices stand in sharp contrast to one another, since the Constitution defines in detail the operation of the government.

American business practices have no such defining instrument. The relationship between the network of railroads and its regulation by the ICC; the regulation of public utilities and communications; the varied methods of production, methods of pricing and distribution of the great manufacturing companies; the pricing and production of off, milk, and coal; the customary "markup" price . . .

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