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2x capital 2y product activity analysis application beneficent principle benefits capital and labor ciple competitive action conform CONSTITUTION CLUB Control the Interference CORNELL UNIVERSITY diminishing returns doctrine of laissez-faire dogma of laissez-faire dustries evils that flow exclusive privileges exist fluence free competition guarantee HENRY CARTER ADAMS important increment of capital increment of product individual action industrial society influence of competition intensely commercial laissez lawyers legislation lies lines of business maintained manner ment monopoly moral municipal corruption nature observes that society ordinary business plane of competition political philosophy private financiering Prussia Public corruption public financiering public official question of municipal question without settling question without stirring railroad rate of profit recognize regulating influence render rule of non-interference rule of private rule of public social organism society controlled society to realize stir a question suggested supply and demand theory of non-interference UNIVERSITY OF MICHIGAN vidualism x capital
Page 4 - should be the general practice : every departure from it, unless required by some great good, is a certain evil.
Page 5 - a failure to distinguish between laissez-faire as a dogma and free competition as a principle. The former, as we have seen, is a rule or maxim intended for the guidance of public administration; the latter is a convenient expression for bringing to mind certain conditions of industrial society. Thus when one speaks of the benefits of free competition,
Page 27 - no uncommon thing, where contracts are uncontrolled, and where the rule of individual ownership is indiscriminately applied to all of the agencies of production, that fortunes are established in the hands of men and families having no peculiar right to them. Men who have been lucky in owning real estate that other men
Page 11 - the nine men will be forced to conform to the methods adopted by the one. Their goods come into competition with his goods, and we who purchase do not inquire under what conditions they were manufactured. In this manner it is that men of the lowest character have it in their power to give the moral tone to the entire business community.
Page 5 - guiding principle for public control so long as our analysis proceeds upon such an hypothesis. The fundamental error of English political philosophy lies in regarding the state as a necessary evil; the fundamental error of German political philosophy lies in its conception of the state as
Page 18 - financiering to businesses of this sort. The same conclusion applies to the second class of industries, where a given increment of product calls for a proportionally greater increment of capital and labor. Assuming the same relation to exist in an established business as before, if 2x capital is required for
Page 5 - within itself. Neither the one nor the other of these views is correct. Society is the organic entity about which all our reasoning should center, and both state action and the industrial activity of individuals are but functions of the
Page 9 - that which characterizes the worst man who can maintain himself in it. So far as morals are concerned, it is the character of the worst men and not of the best men that gives color to business society. Second. The application of the rule of non-interference renders it impossible for society to realize for its members the benefits that arise, in certain lines of business, from
Page 1 - Indeed, its great influence over the minds of men is largely due to the compactness with which it may be presented, and to the logical form of which its statement is capable. " When those who have been called the laissezfaire school have attempted any definite limitation of th<e province of government," says Mr. Mill, "they have usually restricted it to the protection of person and property against force and fraud.