Bonus Quotation of the Day…

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… is from Phil Gramm’s and the late GMU Econ alum Jerry Ellig’s October 2nd, 2019, Wall Street Journal op-ed titled “‘Big Bad Trusts’ Are a Progressive Myth“:

In reality, the turn of the 20th century was an era of vigorous industrial competition driven by the implementation of new technologies, new sources of supply, and improved management. Economies of scale produced industrial concentration. Most of the trusts and cartels that subsequently formed to keep out competition gradually failed without any government intervention.