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Quotation of the Day…

… is from page 5 of Gabriel Kolko’s 1963 book, The Triumph of Conservatism:

Contrary to the consensus of historians, it was not the existence of monopoly that caused the federal government to intervene in the economy [in the late 19th and early 20th centuries], but the lack of it.

DBx: Market competition is astonishingly robust. The only force that stands a chance of quelling it – the only force that has any real prospect for creating and maintaining genuine monopoly power – is government.

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