This isn't Smith, but that's why we have antitrust laws . . . . In the price-fixing case against ADM heir Michael Andreas and his co-conspirators, the most startlingly damning bit of evidence was the statement by one of them that the Seventh Circuit Court of Appeals used to lead in its opinion affirming the conviction: "Our competitors are our friends. It's the customer who is the enemy."
jks
--- Doug Henwood <dhenwood at panix.com> wrote:
> BklynMagus wrote:
>
> >Eventually the free market will have losers and the
> winners who are
> >left will tend to monopoly.
>
> Tend towards concentration, yes. Competition usually
> leads to
> consolidation (mergers, takeovers, failures, etc.).
> But never
> monopoly - there's always some upstart or
> technological change to
> topple any would-be or near-monopolist. Even
> Microsoft will fall
> someday.
>
> Doug
> ___________________________________
>
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