Fans of the World, Unite! by Ross Stephen F. Szymanski Stefan

Author:Ross, Stephen F.,Szymanski, Stefan
Language: eng
Format: epub
Publisher: Stanford University Press
Published: 2011-08-11T00:00:00+00:00

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Borrowing from Soccer: Entry by Merit

A “coercive monopoly” is a business concern that can set its prices and production policies independent of the market, with immunity from competition, from the law of supply and demand. An economy dominated by such monopolies would be rigid and stagnant. The necessary precondition of a coercive monopoly is closed entry–the barring of all competing producers from a given field.

—Alan Greenspan, “Antitrust” in Capitalism: The Unknown Ideal, ed. Ayn Rand, p. 68

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