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Quote by Adam Smith

“When it has been proposed to lay any new tax upon sugar, our sugar planters have frequently complained that the whole weight of such taxes fell, not upon the consumer, but upon the producer, they never having been able to raise the price of their sugar after the tax higher than it was before. The price had, it seems, before the tax been a monopoly price, and the argument adduced to show that sugar was an improper subject of taxation demonstrated, perhaps, that it was a proper one, the gains of monopolists, whenever they can be come at, being certainly of all subjects the most proper.”

Quote by Adam Smith

Book:The Wealth of Nations

Work

The Wealth of Nations

An in-depth analysis of the economic systems and policies that shape a nation's prosperity, exploring concepts such as labor, production, and the division of labor. more

Author

Adam Smith

Adam Smith, a renowned philosopher and economist from Britain, was born on June 5, 1723, and died on July 17, 1790. Known as the father of modern economics, his work 'The Wealth of Nations' had a profound impact on the development of economics. more

“The rise of Robber Barons and their monopoly trusts in the late nineteenth and early twentieth centuries underscores that, as we already emphasized in chapter 3, the presence of markets is not by itself a guarantee of inclusive institutions. Markets can be dominated by a few firms, charging exorbitant prices and blocking the entry of more efficient rivals and new technologies. Markets, left to their own devices, can cease to be inclusive, becoming increasingly dominated by the economically and politically powerful. Inclusive economic institutions require not just markets, but inclusive markets that create a level playing field and economic opportunities for the majority of the people. Widespread monopoly, backed by the political power of the elite, contradicts this. But the reaction to the monopoly trusts also illustrates that when political institutions are inclusive, they create a countervailing force against movements away from inclusive markets. This is the virtuous circle in action. Inclusive economic institutions provide foundations upon which inclusive political institutions can flourish, while inclusive political institutions restrict deviations away from inclusive economic institutions. Trust busting in the United States, in contrast to what we have seen in Mexico illustrates this facet of the virtuous circle. While there is no political body in Mexico restricting Carlos Slim’s monopoly, the Sherman and Clayton Acts have been used repeatedly in the United States over the past century to restrict trusts, monopolies, and cartels, and to ensure that markets remain inclusive.”

Institutions Markets Monopolies

Book:Why Nations Fail: The Origins of Power, Prosperity, and Poverty

Source: Why Nations Fail: The Origins of Power, Prosperity, and Poverty

“If you set five men pulling on a rope, you multiply the strength of each in dividual by five. With death, it's the other way round. If you kill a thousand men, the death of each is a thousand times less important than if he had died alone (Gombrowicz). A specious logic, since it is a matter of quantity in the one case and of quality in the other (the one is multiplied, the other divided, so deep down there is no paradox). But it is a superb proposition all the same! Certain regimes reserve for themselves a monopoly on physical violence. As for the socialists, they reserve a monopoly on moral comedy. That is why it is quite difficult to make fun of them. But this is not something they should be proud of, because when something no longer makes you laugh, it probably means what is ridiculous about it is already deeply buried away, immune from further harm, irreparable. It is against all the rules for power to appropriate a function - ridicule - which commonly belongs to the sphere of manners and which is normally the province of the public mind”

Unity Ridicule Massacre Monopolies Gombrowicz

Book:Cool memories

Source: Cool memories

“Mutual fund companies are reincarnated equivalents of the excessively powerful trusts that made us enact antitrust laws in the first place. Economists and others across the ideological spectrum now worry about the effects of this new stratum of command and control. Because mutual funds have controlling interests in the big dominant competitors in almost every major business—food, drugs, airlines, telecommunications, banking, seeds, whatever—they aren't naturally inclined to make those rival companies compete aggressively against one another.”

Business Economics Monopolies Trusts

Book:Evil Geniuses: The Unmaking of America: A Recent History

Source: Evil Geniuses: The Unmaking of America: A Recent History