下载辰思小说免费APP
Itisonlyonafootingofmonopolythatthisgrindingdepressioncanbedefinitivelysetaside。Butthemonopolyneednotbeabsoluteinordertoaffordasomewhatenduringrelief。
Whatisnecessaryisthatthemonopolyshouldcomprehendallbutanegligiblefractionofthebusinessconcernsandtheequipmentengagedinthefieldwithinwhichcompetitionhaskeptprofitsbelowareasonablelevel。Whatisanegligiblequantityinsuchacaseisnottobedeterminedongeneralconsiderations，sinceitdependsineachcaseoncircumstancesaffectingtheparticularindustry。But，inageneralway，themorenearlycompletethemonopoly，themoreeffectuallyisitlikelytoserveitspurpose，(44*)
Suchbusinesscoalitionshavetheeffectofbringingprofitstoareasonablelevel，notonlybymakingitpossibletoregulateoutputandprices，butalsobytheeconomieswhicharemadepracticableonthisfooting。Coalitionsofalesscomprehensivecharacter，asspokenofabove，alsoeffecteconomiesinthecostofproduction。Butthelargercoalitionswhichbringthebusinesstoamonopolybasishavenotonlytheadvantagewhichcomesofthelarge-scaleorganizationoftheindustrialprocess，buttheyalsoenjoypeculiaradvantagesinthematterofcost，duetotheirmonopolyposition。Theseaddedadvantagesaremoreparticularlyadvantagesinbuyingorbargainingforallgoods，materials，andservicesrequired，aswellasinsellingtheoutput。Solongasthecoalitionsarenotcomprehensiveenougheffectuallytoeliminatecompetition，theyareconstrainedtobothbuyandsellincompetitionwithothers。Butwhenthecoalitioncomeseffectuallytocoveritsspecialfieldofoperation，itisable，notonlytofixthepriceswhichitwillaccept(onthebasisofwhatthetrafficwillbear)，butalsoinaconsiderablemeasuretofixthepricesorrateswhichitwillpayformaterials，labor，andotherservices(suchastransportation)onasimilarbasis，-unlessitshouldnecessarilyhavetodowithanothercoalitionthatisinasimilarpositionofmonopoly。
Therulewhichgovernsthefixingofratesonthissideofthebusinessdealingsofamonopolisticcoalitionissimilartothatwhichguidesitstransactionsinthematterofsales。Pricesandrates，as，e。g。，formaterialsandlabor，arenotdepressedtothelowestpossiblepoint，buttothelowestpracticablepoint，-tothepointcompatiblewiththelargestnetprofits。
Thismayormaynotbeapointbelowtheratesnecessaryunderaregimeofcompetitivebuying。Itmaybeaddedthatonlyinrarecasesdoesacoalitionattainsostrongapositioninrespectofitspurchases(ofmaterialsorservices)astoliftthissideofitsbusinessentirelyabovethereachofcompetition。(45*)
Whereverthisexpedientofcoalitionhasbeenfoundpracticable，thechronicdepressionofrecenttimesandtheconfusionanduncertaintywhichgoeswithadepressedcompetitivebusinesssituationhavebeenobviated。Thegreatcoalitionsdonotsufferacutelyfromtheillsofdepression，exceptincaseswheretheirindustrialprocessesaretoapeculiardegreeinthepositionofintermediarieswithintherangeofthecompetitiveindustries，asisthecase，e。g。，withmostrailroads。Buteveninsuchacasethecoalitionwhichhasamonopolyismorefortunateasregardsthestabilityofitsbalancesheetthanthesametrafficwouldbewithouttheadvantageofmonopoly。
Barringprovidentialintervention，then，theonlyrefugefromchronicdepression，accordingtotheviewheresetforth，isthoroughgoingcoalitioninthoselinesofbusinessinwhichcoalitionispracticable。Butsincethiswouldincludethegreaterpartofthoselinesofindustrywhicharedominatedbythemachineprocess，itseemsreasonabletoexpectthattheremedyshouldbeefficacious。Thehigherdevelopmentofthemachineprocessmakescompetitivebusinessimpracticable，butitcarriesaremedyforitsownevilsinthatitmakescoalitionpracticable。Theulterioreffectsofthoroughgoingmonopoly，asregardstheefficiencyofindustry，theconstancyofemployment，theratesofwages，thepricesofgoodstoconsumers，andthelike，are，ofcourse，largelymatterofsurmise，andcannotbetakenupinthisinquiry，thepresentpurposebeingmerelytogiveinoutlineaneconomictheory
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