The Economic History of the United States
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They may be classified briefly as (1) legal monopolies, as those granted private individuals by the government in a patent, or reserved by the government for itself, as the postal business; (2) natural monopolies, as anthracite coal, street railways, gas plants, etc.; (3) capitalistic monopolies, which by virtue of their large capi- tal and the concentration of production exercise considerable monopolistic power. It is to this last group that the name " trust " has been popularly applied. Some ...of the combina- tions have secured undoubted monopoly by their control of the patents in certain lines of manufacturing; thus the Ameri- can Steel and Wire Company makes practically all of the barb wire and wire fencing manufactured in the United States. The Anthracite Coal Combination, by virtue of its ownership of almost the sole source of supply, has a natural monopoly, as does also, in a lesser degree, the Standard Oil by its control of the pipe lines. But it is also possible for a company, by reason of the very size of its capital, to maintain practical 408 ECONOMIC HISTORY OF THE UNITED STATES control of the market.
What to read after The Economic History of the United States?
You can find similar books in the "Read Also" column, or choose other free books by Bogart, Ernest Ludlow, 1870-1958 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
They may be classified briefly as (1) legal monopolies, as those granted private individuals by the government in a patent, or reserved by the government for itself, as the postal business; (2) natural monopolies, as anthracite coal, street railways, gas plants, etc.; (3) capitalistic monopolies, which by virtue of their large capi- tal and the concentration of production exercise considerable monopolistic power. It is to this last group that the name " trust " has been popularly applied. Some ...of the combina- tions have secured undoubted monopoly by their control of the patents in certain lines of manufacturing; thus the Ameri- can Steel and Wire Company makes practically all of the barb wire and wire fencing manufactured in the United States. The Anthracite Coal Combination, by virtue of its ownership of almost the sole source of supply, has a natural monopoly, as does also, in a lesser degree, the Standard Oil by its control of the pipe lines. But it is also possible for a company, by reason of the very size of its capital, to maintain practical 408 ECONOMIC HISTORY OF THE UNITED STATES control of the market.
What to read after The Economic History of the United States?
You can find similar books in the "Read Also" column, or choose other free books by Bogart, Ernest Ludlow, 1870-1958 to read onlineMoreLess
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