Election of 1912 7
Election of 1912 7
This may be contrary to common sense, when one thinks of all the huge corporations that dominate our industry today. One might think that we have been following Roosevelt’s plan of keeping monopolies intact
The fact of the matter is that the existence of competition and the existence of large corporations are not mutually exclusive. Combination in restraint of competition isn’t the only recognized economic trend that would have the net result of creating large corporations that rise to dominate their markets.
Adam Smith took a Darwinistic approach to competition, saying that fair competition promoted efficient industrial concerns and destroyed weaker ones. The end result is that the firms that are fit to survive fair competition are operating at optimal efficiency, and thus control large portions of the market. Thus competition and large corporations are not mutually exclusive.Extra info: Wilson's Proposal