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PREFACE TO FOURTH EDITION
show remedies for the evils of industrial combinations that have been proposed by those who have given very careful study to the subject. Appendix D, in giving outline histories of representative industrial combinations, shows, not only economic results springing from these great business organizations, but also the influence of Governmental action upon them. In the succeeding appendices are given in sufficient detail the laws of the United States and foreign countries, so that the reader can make a reasonably accurate comparison of the attitude toward these combinations of various Governments under different economic conditions.
It is believed that enough of this material has been given to form the basis for an excellent course for any group of university students without going outside of the volume itself. Although, of course, the advantage of wide reading in the libraries is not to be overlooked.
The history of the years since the publication of the preceding edition, though fruitful in experience and in legislation, shows no need of change in the judgment of fundamental principles. Slight changes in emphasis may be noted. The degree of monopoly power that can be exercised by the capitalistic combinations, for example, is apparently somewhat less than we earlier thought, while the regulative power of competition and of public opinion is somewhat more.
New York, July, 1917.
2. Advantages of Large Scale Production and of Com-
(1) Saving in Selling Expense.
(2) Elimination of Bad Debts .
(3) Can Supply All Leading Qualities of Goods
(4) Can Fill All Orders Promptly.
PROMOTER AND FINANCIER
Definition and Explanations: Promoter, Stocks and
2. The Pay of the Promoter .
3. Underwriting Methods
THE BASIS OF CAPITALIZATION
THE TRUSTS AND THE WORKINGMEN
1. Effect of Trusts on Wages
2. Trusts and Trade Unions .