I. THE PROBLEM PRESENTED 1
A new use for the word "Trust," 1
The people's knowledge of trusts, 2
Remedies for trusts, 2, 3
Trusts a species of monopoly, 3
The problems which monopoly presents, 4
An impartial investigation necessary, 4
The question to be discussed from different standpoints, 5
A scientific method for solving the problem, 5.
II. TRUSTS AND MONOPOLIES IN MANUFACTURING INDUSTRIES 7
Definition of a trust, 7
The first trusts and their successors, 8
Description of the organization of the linseed-oil trust
by one of its founders, 9
The action of trust-makers perfectly natural, 14
Actual effect of trusts upon the public, 15
Profits of the linseed-oil trust, 16
Decreased market for goods controlled by trusts, 17
Control of the labor market by trusts, 17
The causes which have produced trusts, 18
Production on a large scale the most economical, 20
The Standard Oil Trust's defence of its work, 21
Its profits, and the cause of its low prices, 22
Industries in which trusts have been formed, 23
Andrew Carnegie's views of trusts, 24
The trust at once a benefit and a curse, 25.
III. MONOPOLIES OF MINERAL WEALTH 26
Mining, the first monopolized industry, 26
Monopolies in iron-ore production, 27
Monopolies in other metals, 28
The French Copper Syndicate, 29
The effect of its action on consumers of copper, 31
Profits of the richest copper mines, 32
Anthracite-coal production, 33
The anthracite-coal pool, 34
Coal monopolies in the West and South, 36
Monopolies in petroleum and natural gas, 40
Other monopolies of this class, 41.
IV. MONOPOLIES OF TRANSPORTATION AND COMMUNICATION 42
Transportation only a necessity in modern times, 42
The importance of railway traffic, 43
Railway transportation a vital necessity, 43
Shipping points where competition exists very few, 44
Consolidation and its benefits, 45
Intensity of competition in railway traffic on trunk lines, 47
Its inevitable effect, 48
The necessity of pools or traffic agreements, 49
Their history, 50
The Interstate Commerce law, 51
The effect of stimulating competition, 52
The evils charged to railway monopolies, 52
Evils due to wasteful competition, 53
Monopolies in other forms of transportation, 54
Monopolies on natural highways, 56
Monopolies of bridges, 56
The telegraph monopoly, 56.
V. MUNICIPAL MONOPOLIES 59
City dwellers dependent upon monopolies, 59
Suburban passenger traffic, 59
Street-railway monopolies, 60
Water-supply monopolies, 61
Competition and monopoly in gas supply, 62
T. M. Cooley on municipal monopolies, 64
Prices, cost, and profits of gas supply, 64
Monopolies in electric lighting and in telegraph, telephone,
and messenger service, 66
Other monopolies beneath city pavements, 67
Monopolies in railway terminals, 68
Monopoly in real estate, 69.
VI. MONOPOLIES IN TRADE 71
Absolute control not essential to a monopoly, 71
History of trade monopolies, 72
Monopolies in country retail trade, 73
In city retail trade, 74
In wholesale trade, 75
Co-operation of trusts and trade monopolies, 75
Monopolies in the grocery trade, 76
Monopolies in meat, 77
A general view, 78
Monopolies among purchasers, 78
"Corners" and monopolies, 80
Commercial exchanges and speculation, 82
Warehouse monopolies, 82
Insurance monopolies, 83
Trade monopolies artificial, 84
Their unjust acts, 85
VII. MONOPOLIES DEPENDING ON THE GOVERNMENT 87
Government monopolies in ancient times, 87
Government monopolies established for the benefit of the
people, 88
Copyrights, 88
Patents, 89
Evils arising from the patent system, 90
Monopolies based on patents, 91
The Bell telephone monopoly, 92
Government subsidies, 94
Relation of the tariff to monopolies, 95
Origin of the protective tariff, 96
The tariff a secondary cause of trusts, 98
Reductions in the tariff as a remedy for trusts, 99
Monopolies carried on directly by Government, 100.
VIII. MONOPOLIES IN THE LABOR MARKET 102
Classes of labor considered, 102
Monopolies of capital and monopolies of labor compared, 103
Locomotive engineers' strike on the Chicago, Burlington, and
Quincy Railway, 105
Effect of labor monopolies upon the people, 105
The history of labor, 107
The first trade-unions, 108
Laws against them, 109
Labor organizations from the laborer's standpoint, 110
"An injury to one the concern of all," 110
Preserving the self-respect of the laborer, 111
Repeal of unjust laws, 113
A defence for the action of labor monopolies, 114
The underlying cause of labor monopolies, 116
Limits to the power of labor monopolies, 118.
IX. MONOPOLIES AND COMPETITION IN OTHER INDUSTRIES 119
Occupations of the people, 119
Proportion of the people in any way benefited by monopolies 120
Proportion deriving the principal profits from monopolies, 122
Monopolies in the professions, 123
Monopolies among the servant classes, 124
Agricultural industry, 125
Can monopolies be established there? 126
A proposed farmers' trust, 127
The Grange and the Farmers' Alliance, 128
Killing the competition of oleomargarine, 129
Monopolies among agricultural laborers, 130
Proportion of the people benefited and proportion injured by
monopolies, 130
Monopolies in the use of capital impossible, 131.
X. THE THEORY OF UNIVERSAL COMPETITION 133
The general effect of monopolies, 133
Two sorts of remedies suggested, 134
Study of the laws of competition necessary, 135
The growth of civilized society outlined, 136
The interdependence of modern society, 137
The theory of civilized industry, 137
Supply and demand and the unequal rewards of men's
industry, 138
The theoretical perfection of our social system, 141
"Competition the life of trade," 142
The orthodox school of political economy, 143.
XI. THE LAWS OF MODERN COMPETITION 145
Competition defined, 145
Competition in corn-raising, 146
In paper-making, 147
In railway traffic, 149
The laws governing competition deduced, 150
Monopoly defined, 155
Natural agents in production, 156
Different classes of competition, 157
The three salient causes of monopoly, 159
The proper remedy for monopoly, 160.
XII. THE EVILS DUE TO MONOPOLY AND INTENSE COMPETITION 162
The theoretical perfection of human industry, 162
Over-production not a fault of production, 163
The ideal distribution of wealth, 164
The law of supply and demand, 165
Evils due to monopoly: the congestion of wealth, 166
How great fortunes are made, 168
Monopolized industries and speculation, 169
How monopolies reduce the income of small capitalists, 170
Monopolies the cause of over-production, 171
Monopolies and poverty, 173
The Church and the laboring classes, 173
Intemperance, 174
Reforms must go hand in hand, 174
How monopolies keep men in idleness, 175
The waste of competition, 176
Waste due to parallel railway lines, 177
The waste of competition and financial crises, 178
Wasteful competition in other industries, 179
Waste by strikes of labor monopolies, 180
False remedies for the disease, 181.
XIII. AMELIORATING INFLUENCES 183
Two classes of palliatives to the evils of monopoly, 183
Reduction in price to increase demand, 184
The influence of Christianity, 185
Its promise as a remedy, 186
A social system based on nobler attributes than selfishness, 187
The tendency of modern society, 188
The possibilities of altruism, 189
Direct and indirect charities, 189
The benevolent spirit in business enterprises, 190
The proper attitude of the Church toward monopolies, 191
The fraternal spirit opposed to competition, 192
Monopolists to be judged charitably, 193
Unjust judgment of labor monopolies, 194
Enmity toward monopolists no cure for monopoly, 195.
XIV. REMEDIES FOR THE EVILS OF MONOPOLY 196
Schemes for bettering society, 196
The doctrine of individualism, 197
The doctrine of societism, 198
The defects of each when unmodified by the other, 199
Societism a necessary accompaniment of civilization, 200
The interdependence of mankind, 201
Does societism threaten liberty? 201
Government for the benefit of the whole people, 202
The dangers of government action to aid special classes, 202
Remedies for monopoly: the creation of new competitors, 204
Its practical result, 205
Remedies by prohibiting consolidations, 205
Their inevitable effect, 206
Government the only agent to prevent monopoly, 207
Why direct action by the government is impossible, 208
Indirect action and its probable results, 208
The Interstate Commerce law as an example, 209
The proper remedy for monopoly not abolition, but control, 210
The relative advantages of government and private management
of industry, 211.
XV. THE SOVEREIGN RIGHTS OF THE PEOPLE AND OF THEIR
REPRESENTATIVE, THE GOVERNMENT 213
Questions brought up by the preceding conclusion, 213
The rights of property holders, 214
Property in the products of labor an inherent right, 215
Property in natural agents and public franchises a matter of
expediency, 216
Eminent domain over natural agents still held by the public, 217
The laws of competition applicable to determine when this
right should be exercised, 220
Absolutely perfect equity impossible, 221
Does private ownership of land work injustice? 222
Fundamental difficulties in dealing with monopolies not
dependent on natural agents, 223
Why a remedy for their evils is essential, 224
The basis of the people's authority over these monopolies, 225
Government regulation with private management the only
feasible plan, 225.
XVI. PRACTICAL PLANS FOR THE CONTROL OF MONOPOLIES 227
Economists should unite on the principles already propounded, 227
Practical details a matter of opinion, 227
A plan for the equitable and permanent adjustment of the
railway problem, 228
The ownership and operation of the railways, 229
Their securities as investments and for use in connection
with the currency, 230
Readjustment of outstanding securities, 231
Lending the government's credit to private corporations, 232
How rates of fare and freight should be fixed, 233
How the incentive to economy is retained, 234
How to avoid strikes, 237
Principles to be observed in establishing government control
of monopolies, 238
Plans for the control of mineral monopolies, 238
State ownership with private operation, 239
Plans for controlling municipal monopolies, 240
The control of other monopolies, 244
The dangers of special legislation, 244
Government control of manufacturing enterprises not feasible, 245
Taking trusts within the pale of the law, 247
Enforcing publicity, 247
Enforcing non-discrimination, 248
Direct action to prevent extortion by the monopoly, 251
Potential competition to prevent extortion, 252
Reform of corporation laws, 254
The contrast between this plan for controlling trusts and
existing law, 255
Reductions in the tariff as a remedy for trusts, 256
Plans for the control of labor monopolies, 257
Strikes an injury to labor, 258
Removal of other monopolies as a cure, 258
What shall fix the rate of wages? 259
Cooperative ownership, 260
Fraternal benevolence most needed here, 261
A definite relation between monopolies and the people, 262
Conclusion, 263.