Thursday, July 08, 2010

Capitalists Hate Competition

“From the avidity with which businessmen seek to avoid having competitors, we can infer that competition is at least as distasteful to capitalists as it is to socialists. They may praise it on the lecture tour, but when it comes to questions of public policy, they seem to believe that it works well only in other industries. Tariffs are always popular with the protected industries because they reduce the threat of foreign competition. And if tariffs are reduced by negotiation, then nontariff barriers may work as well: quotas, standards, and irrelevant requirements can protect a domestic industry as well as a tariff.” (Herbert Schlossberg, Idols for Destruction, p. 112.)

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