Monopolies and the People | Page 3

outlined, 136 The interdependence of modern society, 137 The
theory of civilized industry, 137 Supply and demand and the unequal
rewards of men's industry, 138 The theoretical perfection of our social
system, 141 "Competition the life of trade," 142 The orthodox school
of political economy, 143.
XI. THE LAWS OF MODERN COMPETITION 145 Competition
defined, 145 Competition in corn-raising, 146 In paper-making, 147 In
railway traffic, 149 The laws governing competition deduced, 150
Monopoly defined, 155 Natural agents in production, 156 Different
classes of competition, 157 The three salient causes of monopoly, 159
The proper remedy for monopoly, 160.
XII. THE EVILS DUE TO MONOPOLY AND INTENSE
COMPETITION 162 The theoretical perfection of human industry, 162

Over-production not a fault of production, 163 The ideal distribution of
wealth, 164 The law of supply and demand, 165 Evils due to monopoly:
the congestion of wealth, 166 How great fortunes are made, 168
Monopolized industries and speculation, 169 How monopolies reduce
the income of small capitalists, 170 Monopolies the cause of
over-production, 171 Monopolies and poverty, 173 The Church and the
laboring classes, 173 Intemperance, 174 Reforms must go hand in hand,
174 How monopolies keep men in idleness, 175 The waste of
competition, 176 Waste due to parallel railway lines, 177 The waste of
competition and financial crises, 178 Wasteful competition in other
industries, 179 Waste by strikes of labor monopolies, 180 False
remedies for the disease, 181.
XIII. AMELIORATING INFLUENCES 183 Two classes of palliatives
to the evils of monopoly, 183 Reduction in price to increase demand,
184 The influence of Christianity, 185 Its promise as a remedy, 186 A
social system based on nobler attributes than selfishness, 187 The
tendency of modern society, 188 The possibilities of altruism, 189
Direct and indirect charities, 189 The benevolent spirit in business
enterprises, 190 The proper attitude of the Church toward monopolies,
191 The fraternal spirit opposed to competition, 192 Monopolists to be
judged charitably, 193 Unjust judgment of labor monopolies, 194
Enmity toward monopolists no cure for monopoly, 195.
XIV. REMEDIES FOR THE EVILS OF MONOPOLY 196 Schemes
for bettering society, 196 The doctrine of individualism, 197 The
doctrine of societism, 198 The defects of each when unmodified by the
other, 199 Societism a necessary accompaniment of civilization, 200
The interdependence of mankind, 201 Does societism threaten liberty?
201 Government for the benefit of the whole people, 202 The dangers
of government action to aid special classes, 202 Remedies for
monopoly: the creation of new competitors, 204 Its practical result, 205
Remedies by prohibiting consolidations, 205 Their inevitable effect,
206 Government the only agent to prevent monopoly, 207 Why direct
action by the government is impossible, 208 Indirect action and its
probable results, 208 The Interstate Commerce law as an example, 209
The proper remedy for monopoly not abolition, but control, 210 The

relative advantages of government and private management of industry,
211.
XV. THE SOVEREIGN RIGHTS OF THE PEOPLE AND OF THEIR
REPRESENTATIVE, THE GOVERNMENT 213 Questions brought
up by the preceding conclusion, 213 The rights of property holders, 214
Property in the products of labor an inherent right, 215 Property in
natural agents and public franchises a matter of expediency, 216
Eminent domain over natural agents still held by the public, 217 The
laws of competition applicable to determine when this right should be
exercised, 220 Absolutely perfect equity impossible, 221 Does private
ownership of land work injustice? 222 Fundamental difficulties in
dealing with monopolies not dependent on natural agents, 223 Why a
remedy for their evils is essential, 224 The basis of the people's
authority over these monopolies, 225 Government regulation with
private management the only feasible plan, 225.
XVI. PRACTICAL PLANS FOR THE CONTROL OF
MONOPOLIES 227 Economists should unite on the principles already
propounded, 227 Practical details a matter of opinion, 227 A plan for
the equitable and permanent adjustment of the railway problem, 228
The ownership and operation of the railways, 229 Their securities as
investments and for use in connection with the currency, 230
Readjustment of outstanding securities, 231 Lending the government's
credit to private corporations, 232 How rates of fare and freight should
be fixed, 233 How the incentive to economy is retained, 234 How to
avoid strikes, 237 Principles to be observed in establishing government
control of monopolies, 238 Plans for the control of mineral monopolies,
238 State ownership with private operation, 239 Plans for controlling
municipal monopolies, 240 The control of other monopolies, 244 The
dangers of special legislation, 244 Government control of
manufacturing enterprises not feasible, 245 Taking trusts within the
pale of the law, 247 Enforcing publicity, 247 Enforcing
non-discrimination, 248 Direct action to prevent extortion by the
monopoly, 251 Potential competition to prevent extortion, 252 Reform
of corporation laws, 254 The contrast between this plan for controlling
trusts and existing