
Source: Contributions to Modern Economics (1978), Chapter 15, 'Imperfect Competition' Revisited, p. 167
Source: ABC's of Communism, pp. 319
Source: Contributions to Modern Economics (1978), Chapter 15, 'Imperfect Competition' Revisited, p. 167
(1847)
The Evolution of Modern Capitalism: A Study of Machine Production (1906), Ch. XVII Civilisation and Industrial Development
Context: Industrial progress would undoubtedly be slower under state-control, because the very object of such control is to divert a larger proportion of human genius and effort from these occupations in order to apply them in producing higher forms of wealth. It is not, however, right to assume that progress in the industrial arts would cease under state-industry; such progress would be slower, and would itself partake of a routine character—a slow, continuous adjustment of the mechanism of production and distribution to the slowly-changing needs of the community.<!--section 11, p. 422
Source: "The theory of economic regulation," 1971, p. 3; Lead paragraph
Context: The state --the machinery and power of the state-- is a potential resource or threat to every industry in the society. With its power to prohibit or compel, to take or give money, the state can and does selectively help or hurt a vast number of industries. That political juggernaut, the petroleum industry, is an immense consumer of political benefits, and simultaneously the underwriters of marine insurance have their more modest repast. The central tasks of the theory of economic regulation are to explain who will receive the benefits or burdens of regulation, what form regulation will take, and the effects of regulation upon the allocation of resources.
Conclusion, p. 401.
The Fur Trade in Canada (1930)
Source: Democracy for the Few (2010 [1974]), sixth edition, Chapter 16, p. 298
Under section header: The Enterprise as Society's Mirror
1930s- 1950s, The New Society (1950)
Source: "The principles of organization", 1937, p. 90
Speech to Finchley Conservatives (31 January 1976) http://www.margaretthatcher.org/document/102947
Leader of the Opposition
Context: The Socialists tell us that there are massive profits in a particular industry and they should not go to the shareholders—but that the public should reap the benefits. Benefits? What benefits? When you take into public ownership a profitable industry, the profits soon disappear. The goose that laid the golden eggs goes broody. State geese are not great layers. The steel industry was nationalised some years ago in the public interest—yet the only interest now left to the public is in witnessing the depressing spectacle of their money going down the drain at a rate of a million pounds a day.