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Economics In Two Volumes: Volume II. Modern Economic Problems | by Frank A. Fetter



In this revised edition every chapter has been rewritten with reference to the momentous events that have filled the years since 1916, when the first edition of this work appeared. The statements of facts and figures have so far as possible been brought down to date. The materials formerly constituting the first two chapters have been distributed under other headings. New sections appear in every chapter, and new chapters have been added in the treatment of money, insurance, transportation, and socialism. Numerous charts have been added which, it is hoped, will be helpful to the reader. Most of these have been reproduced from charts prepared for the use of the author's classes, and others have been taken from various sources. A brief list of references has been appended to each chapter.

TitleModern Economic Problems
AuthorFrank A. Fetter
PublisherThe Century Co, New York
Year1922
Copyright1916, 1922, by The Century Co
AmazonEconomic principles

Modern Economic Problems

Second Edition, Revised By Frank A. Fetter, Ph.D., Ll.D.

Professor Of Political Economy, Princeton University

To The Mother With A Youthful Heart And Sympathetic Interest In All Things Human

-Foreword To The Revised Edition
In this revised edition every chapter has been rewritten with reference to the momentous events that have filled the years since 1916, when the first edition of this work appeared. The statements of f...
-Part I Money And Prices. Chapter 1. Nature Of Economic Problems
1. Increase of economic problems. 2. Opinions and feelings in economic discussion. 3. False contrast of theory and practice. 4. Superficial thinking and popular error. &sec...
-Nature Of Economic Problems. Continued
5. American economic problems in the past. What, then, are the politico-economic problems in America? They are problems that are economic in nature because they concern the way that wealth shal...
-Chapter 2. Origin And Nature Of Money
1. Origin of money. 2. Money as a tool. 3. Money defined. 4. Qualities of the original money-good. 5. Industrial changes and forms of money. G. The precious m...
-Origin And Nature Of Money. Part 2
4. Qualities of the original money-good. The selection of any money-commodity has not been made by chance, but has been the result of that object being better fitted than others to serve as a m...
-Origin And Nature Of Money. Part 3
7. Varying extent of the use of money. Trade by the use of money at no time has become the exclusive method. Barter still lingers to-day.4 The extent to which, on an average, money is used in d...
-Chapter 3. Commodity Money And The Quantity Theory
1. Coinage and seigniorage. 2. Technical features of coinage. 3. Coined commodity money. 4. Concept of the individual monetary demand. 5. Factors influencing individ...
-Commodity Money And The Quantity Theory. Part 2
5. Factors influencing individual monetary demand. In this conception of the individual monetary demand must, however, be included not merely the demands of retail purchasers, made by themselve...
-Commodity Money And The Quantity Theory. Part 3
9. Interpretation of the quantity theory. The quantity theory must be carefully interpreted to avoid various misunderstandings of it that have appeared again and again in economic discussion. ...
-Chapter 4. Fiduciary Money, Metal And Paper
1. Character of fiduciary money. 2. Present monetary system of the United States. 3. Saturation point of fractional money. 4. Light-weight fractional coins. 5. Gresh...
-Fiduciary Money, Metal And Paper. Part 2
4. Light-weight fractional coins. The standard metal is usually too valuable to be suitable for coins of the smaller denominations. Therefore, when gold is the standard, copper, nickel, and sil...
-Fiduciary Money, Metal And Paper. Part 3
7. Fiduciary coinage on governmental account. The fiduciary coinage problem may be presented also when coinage is not free, and the times and amount of coinage are determined by law or by legal...
-Fiduciary Money, Metal And Paper. Part 4
10. Nature of governmental paper money. The problem of seigniorage presents itself in its most extreme form when money is made of paper. Paper money is issued either by a government or by a ban...
-Fiduciary Money, Metal And Paper. Part 5
13. Theories of political money. There are two extreme views regarding the nature of paper money, and a third which endeavors to find the truth between these two. First is that of the cost-of-p...
-Chapter 5. Price Levels And The Gold Standard
1. Concept of the general price level. 2. Index numbers. 3. Definition of the standard of deferred payments. 4. Increasing importance of the standard. 5. Defectivene...
-Price Levels And The Gold Standard. Part 2
4. Increasing importance of the standard. Until the use of money develops, the use of credit is difficult and limited; it becomes easy when the value of all things is expressed in terms of a co...
-Price Levels And The Gold Standard. Part 3
7. Gold production, 1800-1850. The legal ratio of 15 to 1 in the United States, at which by the law of 1792 both metals were to be freely coined at the mint, proved to be an under...
-Price Levels And The Gold Standard. Part 4
10. Nature and object of bimetallism. First came the greenback movement, which lasted until after 1880.11 This then gave way to an agitation for bimetallism. Bimetallism is the plan...
-Chapter 6. Rising Prices And The Standard
1. Rising prices, 1896-1913. 2. Rising prices in Europe, 1914-1920. 3. Causes of European inflation. 4. Gold stocks of belligerents. 5. Redistribution of European go...
-Rising Prices And The Standard. Part 2
3. Causes of European inflation. Changes in index numbers reflect changes in the relation of the quantity of goods to be exchanged, expressed in their prices, and the quantity of money used in ...
-Rising Prices And The Standard. Part 3
7. The gold embargo in the United States. Moved by mistaken fear, the Federal Reserve Board imposed an embargo on the export of gold (made its export illegal). This policy of gold-fetichism...
-Rising Prices And The Standard. Part 4
10. Various ideal standards suggested. Price history since 1873, however varied, teaches one lesson clearly: that our standard unit of price has in fact been subject to great fluctu...
-Part II Banking And Insurance. Chapter 7. The Functions Of Banks
1. Nature and classes of banks. 2. Functions of banks. 3. The essential banking function. 4. Demand deposits. 5. Discount and deposit. 6. Nature of banking re...
-The Functions Of Banks. Part 2
5. Discount and deposit. The process of discount and deposit is the purchase of the promissory note of a customer,4 the price being a credit in the form of a demand deposit on the books of the ...
-The Functions Of Banks. Part 3
9. Issues of notes. The issue of bank-notes as a mode of lending a bank's credit calls for consideration here. Yet it must be observed at once that comparatively few banks in the world have now...
-The Functions Of Banks. Part 4
11. Banking credit as a medium of trade. The credit which, in various ways, banks sell 11 serves, in most cases, the purposes of money to their customers. On the contrary, this is not usually t...
-Chapter 8. Banking In The United States Before 1914
1. The First and Second Banks of the United States. 2. Bank-ing from 1836 to 1863. 3. National Banking Associations, 1863-1913. 4. Defects of our banking organization befor...
-Banking In The United States Before 1914. Continued
4. Defects of our banking organization before 1913. Taken altogether, the national banks in the United States between 1863 and 1913 represented great banking power and very efficient service fo...
-Chapter 9. The Federal Reserve Act
1. General banking organization. 2. The Federal Reserve Board. 3. Federal Reserve banks. 4. Federal Reserve notes. 5. Reserves against Federal Reserve notes. ...
-The Federal Reserve Act. Part 2
4. Federal Reserve notes. In 1914 there were outstanding about $750,000,000 of what we may now call the old-style bank-notes (bond-secured). These were not retired by the new act; but the law w...
-The Federal Reserve Act. Part 3
5. Reserves against Federal Reserve notes. The rule applying in normal times to reserves against note issues is that each bank must provide a reserve in gold equal to 40 per cent against ...
-The Federal Reserve Act. Part 4
10. Operation in the pre-war period. Nearly a year was spent preparing for the opening of the Federal Reserve banks. The organization committee, after holding meetings in many cities, divided t...
-The Federal Reserve Act. Part 5
12. Gold hoards and artificial interest rates. The wartime influence and activities of the Federal Reserve Board, and of those controlling the various district banks in general, merit high prai...
-Chapter 10. Crises And Industrial Depressions
1. Mischance, special and general, in business. 2. Definitions. 3. A feature of a money economy. 4. European crises. 5. American crises. 6. A business cycle. ...
-Crises And Industrial Depressions. Part 2
6. A business cycle. Let us now sketch in broad outline a business cycle bearing in mind that this series of changes does not repeat itself with unvarying regularity, but that it is fairly typi...
-Crises And Industrial Depressions. Part 3
9. Interest rates in a crisis. In normal times there is always outstanding a great mass of short-time commercial loans.8 The motive of the borrower, in most cases, has been to hire more labor a...
-Crises And Industrial Depressions. Part 4
12. Rhythmic changes in weather and in crops. The periodic though not quite regular recurrence of crises has suggested the thought that they may be causally related with some one dominating for...
-Crises And Industrial Depressions. Part 5
15. Capitalization theory of crises. Here, as repeatedly above, we verge upon a different type of explanation of the crisisone of a psychological nature. The quantity of money, we have s...
-Chapter 11. Institutions For Saving And Investment
1. The nature of saving. 2. Economic limit of saving. 3. Commercial bank deposits of an investment nature. 4. Investment banking and bond houses. 5. Savings banks in...
-Institutions For Saving And Investment. Part 2
4. Investment banking and bond houses. Enormous amounts of securities issued by governments or by corporations (railroad or industrial) are now on the market and to be bought conveniently by pr...
-Institutions For Saving And Investment. Part 3
6. Security for thrift. It is essential to sound policy that savings banks have the right to require depositors to give notice of intention to withdraw deposits. The period of such notice varie...
-Institutions For Saving And Investment. Part 4
10. Building and loan associations. Building and loan association is the name applied to a cooperative organization having as its purpose the collecting regularly from members of small sums whi...
-Institutions For Saving And Investment. Part 5
13. The distribution of profits. At least twenty-five plans, with hundreds of variations in details, have been in operation for the distribution of profits. The essential features are, however,...
-Chapter 12. Principles Of Insurance
S 1. Chance, unavoidable and average. 2. Uneconomic character of gambling. 3. Borderland of gambling. 4. Insurance: definition and kinds. 5. Insurance viewed as a wager. &s...
-Principles Of Insurance. Part 2
4. Insurance: definition and kinds. The large element of luck in industry due to unavoidable chances has something of the same evil character as gambling. It brings unearned prizes to some and ...
-Principles Of Insurance. Part 3
8. Farmers' mutual insurance. Property insurance may be viewed as an aspect of enterpriser's cost,2 but may also, as may any insurance, be considered a form of saving. The premium paid each yea...
-Principles Of Insurance. Part 4
10. Purpose of life insurance. Of all forms of insurance at present, the most important in the extent of its financial operation and as an agency of thrift is life insurance. The total receipts...
-Chapter 13. Scientific Life Insurance
1. Reserve life insurance. 2. The mortality table. 3. The single premium for anv term 4. Level annual term premiums and reserves. 5. Term policies and straight life....
-Scientific Life Insurance. Part 2
4. Level annual term premiums and reserves. It is a matter of no very abstruse mathematics (in principle) to find the equivalent of this single premium in any one of many other forms of premium...
-Scientific Life Insurance. Part 3
6. Limited premium payments. A second feature in which policies differ is in regard to the number of premium payments to be made according to the calculation. If the number of payments is any l...
-Scientific Life Insurance. Part 4
10. Future of insurance. It is striking evidence of the importance of the marginal principle that insurance should still be desired by men when the cost is so high and so large a part of the to...
-Part III Tariff And Taxation. Chapter 14. American Tariff History
1. Political and trade boundaries. 2. Prevalence of protective tariffs. 3. Specific and ad valorem rates. 4. Some technical features of the tariff. 5. The tari...
-American Tariff History. Part 2
5. The tariff, 1789-1815. The main difficulty of government in 1781-1789 under the Articles of Confederation was lack of the power to obtain revenues by taxation. The separate states alone coul...
-American Tariff History. Part 3
7. The tariff, 1846-1860. The Democratic party, coming into power, passed the act of 1846, called the Walker tariff after the Secretary of the Treasury. As he was a believer in free trade, this...
-American Tariff History. Part 4
10. The tariff, 1890-1896. The tariff act (known as the McKinley Act) of October, 1890, followed. This was a general extension of the principle of protection. The rates on woolen goods we...
-American Tariff History. Part 5
13. The Payne-Aldrich tariff, 1909-1913. The tariff act of 1909 was the attempt of the successful party to redeem its campaign promises in regard to the tariff. Many changes of rates were made,...
-American Tariff History. Part 6
16. The return to high tariff, 1921. With the ending of warfare in November, 1918, began to be heard anew the agitation for higher duties. Some industries, such as the chemical, which had sprun...
-Chapter 15. International Trade
I. Benefits of international trade. 2. Erroneous views of benefits. 3. Relatively advantageous industries. 4. Persistence of differences between nations. 5. Doctrine...
-International Trade. Part 2
5. Doctrine of comparative advantages. It may be that two countries both possess the necessary technical conditions for making both articles that are to be traded for each other. It may even be...
-International Trade. Part 3
7. Equation of international exchange. Foreign trade, of course, can take place as barter, and in earlier times very commonly did so. But in the existing monetary economy nearly all trades are ...
-International Trade. Part 4
9. Cancelation of foreign indebtedness. In the inter national business of any two important countries to-day, such as England and America, the number of credit and debit transactio...
-Chapter 16. The Policy Of A Protective Tariff
1. Military and political motives for inteference with trade. 2. Revenue and protective tariffs. 3. Growth of a protective system. 4. The infant-industry argument. 5. The h...
-The Policy Of A Protective Tariff. Part 2
3. Growth of a protective system. The protective policy developed at first accidentally, as it were, out of the practice of levying taxes for revenue only. Tolls, dues (or duties), customs (tha...
-The Policy Of A Protective Tariff. Part 3
5. The home-market argument. The home-market argument seeks to show a more permanent need for a tariff. At the same time it appeals to the farmers, whom it has been hard to reconcile to a polic...
-The Policy Of A Protective Tariff. Part 4
8. The claim that protection raises wages. The most effective popular claim made for protection is that it raises, or maintains, the general scale of wages in the country. This argument takes t...
-The Policy Of A Protective Tariff. Part 5
11. Protection as a monoply measure. It has rightly been observed that a new country has a limited potential monopoly in certain kinds of products and that a tariff may make it effective. The r...
-The Policy Of A Protective Tariff. Part 6
13. Tariff legislation and business depressions. The relation between new tariff legislation and the business conditions following it has been the subject of much debate in political campaigns....
-The Policy Of A Protective Tariff. Part 7
15. Some lessons from our tariff history. From the checkered course of tariff history in America it is difficult to draw clear lessons of wisdom for the future; but at least certain negative co...
-Chapter 17. Objects And Principles Of Taxation
1. Public finance as a division of economics. 2. The police function. 3. Social and industrial functions. 4. The enlarging sphere of the state. 5. Industrial revenue...
-Objects And Principles Of Taxation. Part 2
5. Industrial revenues of governments. The costs of government at any stage are met in varying degrees in one of three ways: (1) from industrial sources, (2) by borrowing and thus creating a pu...
-Objects And Principles Of Taxation. Part 3
7. Non-revenue character of receipts from loans. The proceeds from loans (and certain other items of sales) are called non-revenue receipts, because they are but in anticipation of receipts fro...
-Objects And Principles Of Taxation. Part 4
11. Various standards of justice suggested. There have not been lacking earnest attempts to arrive at some general principles. Various standards have been suggested to measure the distribution ...
-Objects And Principles Of Taxation. Part 5
15. Taxes as costs. Now, if a new tax is levied, or an old tax changed in amount or in its incidence, it becomes a new influence in industry. Some occupations are made more attractive, others l...
-Chapter 18. Property And Corporation Taxes
1. Importance of taxation as a public question. 2. The general property tax; nature and difficulty. 3. Ambiguity of the term property. 4. Various temporizing po...
-Property And Corporation Taxes. Part 2
4. Various temporizing policies. The general property tax in practice is now usually unjust and demoralizing. What, then, shall be done about it? Various policies have been followed. One has be...
-Property And Corporation Taxes. Part 3
7. Separation of state and local taxation. For the reason just indicated the failure of the general property tax has been most conspicuous where it is used as a basis for state taxation. This h...
-Property And Corporation Taxes. Part 4
12. Special taxes on banks. Attempts to deal with the difficulty without clear perception of its cause took the form of legislative tinkering and patching. Taxes were gathered from corporations...
-Chapter 19. Personal Taxes
1. Inheritance-tax laws. 2. Fiscal and social aspects. 3. Income taxes; general nature. 4. Income taxation by the states. 5. Obstacles to federal income taxation. 6....
-Personal Taxes. Part 2
5. Obstacles to federal income taxation. The income tax has now come to play a most important part in the fiscal system of the federal government. Until 1913, however, it had been used only in ...
-Personal Taxes. Part 3
8. Development and yield. The income tax was made retroactive to include incomes accruing from March 1, 1913, to the end of the year, and continued to apply to December 31, 1915, an...
-Personal Taxes. Part 4
11. A system of taxation. The task of reforming and developing the various kinds of taxes and of uniting them into a just and consistent plan for each of the divisions of government in the Unit...
-Part IV Wages And Labor. Chapter 20. Methods Of Industrial Remuneration
1. Workers subordinate in early societies. 2. Workers in the Middle Ages. 3. Growth of the wage system. 4. Pros and cons of the wage system. 5. Time work. 6. ...
-Methods Of Industrial Remuneration. Part 2
5. Time work. Wage payment implies a contract by which the employee on his part agrees to render service and the employer on his part agrees to pay for it. The methods of determining and ...
-Methods Of Industrial Remuneration. Part 3
8. Premium plans. Various modifications of piece work have been developed of late, all involving the features of a minimum task and of a premium for performance beyond that point. These plans a...
-Methods Of Industrial Remuneration. Part 4
11. Difficulties in profit-sharing. Many have found it hard to credit the evidence of this comparative failure of a plan that looks so attractive in spirit and for which so much was hoped. Yet ...
-Chapter 21. Organized Labor
1. Changing relations between employers and wage workers. 2. Need of common action among wage workers. 3. Functions of labor organizations. 4. Types of labor organizations....
-Organized Labor. Part 2
4. Types of labor organizations. Among the many organizations of wage-earners three main types may be distinguished : the labor-union, the trade-union, and the industrial union, though often th...
-Organized Labor. Part 3
7. Limitation of competition among workers. In order that the representatives of organized laborers may act effectively in collective bargaining, the first condition necessary is that a large p...
-Organized Labor. Part 4
11. Competitive aspect of organization and particular wages. The crucial economic problem in connection with trade-unions is not as to their methods (that being rather a political problem) but ...
-Organized Labor. Part 5
14. Political and economic considerations. The question of the closed or open shop has some very broad aspects. Is the closed shop, and are the other policies of trade-unions, morally right; an...
-Organized Labor. Part 6
17. Future role of organization. In the light of the principles of wages and of experience, it appears that organization most easily gains results when wages are below the competitive rate; and...
-Chapter 22. Public Regulation Of Hours And Wages
1. Spread of the shorter working-day. 2. The shorter day and the lump-of-labor notion. 3. Fewer hours and greater efficiency. 4. Child-labor. 5. Child-labor legislat...
-Public Regulation Of Hours And Wages. Part 2
4. Child-labor. In agricultural conditions, such as have prevailed generally in America, there is little need of limiting the hours of work for children and the age at which they may begin to w...
-Public Regulation Of Hours And Wages. Part 3
8. Broader aspects of this legislation. The subject took on a new aspect when the legislature of Oregon, in 1913, declared broadly that no person shall be hired, nor permitted to work for...
-Public Regulation Of Hours And Wages. Part 4
11. Limitations of the minimum wage. Generous sympathies have guided this movement, of which much has been hoped, and which, on the other hand, has always had its adverse critics. Its friends, ...
-Public Regulation Of Hours And Wages. Part 5
14. Organized labor's attitude toward labor legislation. Labor organizations hitherto have been in their legal nature almost entirely private and voluntary. They are seldom incorporated and are...
-Public Regulation Of Hours And Wages. Part 6
17. The public and compulsory arbitration. Where the railways are owned and operated by the state (as is now the case pretty generally except in America and Great Britain) the question of the ...
-Chapter 23. Other Protective Labor And Social Legislation
1. Evils of early factory conditions. 2. Improvement of factory conditions. 3. Limitations of the wage contract. 4. Usury law3. 5. Public inspection of standards and...
-Other Protective Labor And Social Legislation. Part 2
5. Public inspection of standards and of foods. The determination and testing of standards of weights and measures has long been a function of government. English laws of the Middle Ages forbad...
-Other Protective Labor And Social Legislation. Part 3
9. General grounds of this social legislation. Why are not such matters as we have been discussing safely left to individuals? It is for the interest of every one that his back yard should not ...
-Other Protective Labor And Social Legislation. Part 4
12. Extent and evils of unemployment. In every country and at all times where the wage system prevails, some wage workers, now more and now less, are out of work and unable to get i...
-Other Protective Labor And Social Legislation. Part 5
15. Individual maladjustment in finding jobs. Another kind of individual maladjustment is the failure of the jobless man to connect with the manless job. A certain amount of this maladjustment ...
-Chapter 24. Social Insurance
1. Purpose and meaning of social insurance. 2. Increasing need of social insurance. 3. The new era of social insurance. 4. Features of social insurance. 5. Historica...
-Social Insurance. Part 2
4. Features of social insurance. The plans of social insurance, in force in various countries, present a great variety of features combined in many ways. The main characteristics in which they ...
-Social Insurance. Part 3
7. The compensation plan in America. Under the practical operation of the law of employers' liability in force in any American state until 1911, a very small proportion of the workers injured w...
-Social Insurance. Part 4
11. Historical roots of health insurance. Health insurance (called also sickness insurance) had its origin partly in trade-unions and in fraternal societies voluntarily organized by workers, an...
-Social Insurance. Part 5
15. Insurance rather than penalty. The principle of social insurance rather than that of legal penalty should be universally recognized. At present, in all countries where the several kinds of ...
-Chapter 25. Population And Immigration
1. Nature of the population problem. 2. Complexity of race problems. 3. Economic aspects of the negro problem. 4. Favorable economic aspects of earlier immigration. ...
-Population And Immigration. Part 2
4. Favorable economic aspects of earlier immigration. By the immigration problem is meant primarily and mainly the complex of evils, economic, political, and social, caused by the p...
-Population And Immigration. Part 3
8. Popular theory of immigrant competition. The depressing effect of the ever-present and ever-renewing supply of immigrant labor upon wages appears most clearly at the time of wage contests, a...
-Population And Immigration. Part 4
12. Earlier and recent effects of immigration upon wages. Let us now correlate the principle of decreasing returns and the facts as to the exploitation of our natural resources 10 with the grow...
-Population And Immigration. Part 5
15. Post-war restriction of immigration. Many events of the war period, and particularly of the years 1917 and 1918, affected greatly American opinion on the immigration question. That large pa...
-Part V Public Policy Toward Private Industry. Chapter 26. Agricultural And Rural Population
1. Sources of food and organic materials. 2. Agriculture and farms in the United States. 3. Rural and agricultural. 4. Lack of a social agricultural policy in America. &sec...
-Agricultural And Rural Population. Part 2
5. Period of decaying agricultural prosperity. Despite the fact that frequently in economic legislation the farmer has been the victim, every compaign orator admits that there is no other occup...
-Agricultural And Rural Population. Part 3
9. The rural exodus. The percentage of persons in the rural population changes at about the same rate as does that of persons occupied in agriculture. In 1890 it was 64, in 1900 it was ...
-Agricultural And Rural Population. Part 4
11. Compensations of the farmer's life. In bare monetary terms the average farmer's family gets a labor income less than that of the ordinary wage-earner in a factory, and it is only when the v...
-Chapter 27. Problems Of Agricultural Economics
1. Size of farms, and total farming area. 2. Influences acting upon the size of farms. 3. Self-sufficing versus commercial farming. 4. Farming viewed as a capitalistic ente...
-Problems Of Agricultural Economics. Part 2
4. Farming viewed as a capitalistic enterprise. Thus the farm comes to be looked upon more and more, not merely as a home, but much as if it were a commercial enterprise or a factory, by wh...
-Problems Of Agricultural Economics. Part 3
8. Prospect of more intensive cultivation of land in America. As the aggregate need for food increases in America there must come a steady pressure upon our stock of land uses, resulting in dec...
-Problems Of Agricultural Economics. Part 4
12. Some economic features of fanners' selling cooperation. This type of producers' selling cooperation is proving in America to be far more successful than producers' cooperation among working...
-Chapter 28. The Transportation Problem
1. Natural waterways. 2. The era of canals. 3. Temporary wreck of inland water transportation. 4. Rapid building of American railroads. 5. Eras in the railroad probl...
-The Transportation Problem. Part 2
5. Eras in the railroad problem. The history of railroads in the United States is closely interwoven with the general economic development, the political ideas, and the public opinion of the na...
-The Transportation Problem. Part 3
9. Local discrimination. Discrimination between places (called also local discrimination) is charging different rates to two localities for substantially the same service. This occurs when loca...
-Chapter 29. Railroad Regulation
1. Peculiar privileges of railroads. 2. Public nature of the railroad. 3. State railroad commissions. 4. Consolidation and need of national regulation. 5. The Inters...
-Railroad Regulation. Part 2
3. State railroad commissions. When it became apparent that public and private interests in the railroads were so divergent, it still was not easy to determine how the public was to be safeguar...
-Railroad Regulation. Part 3
6. The commission's powers strengthened. The latest era, that of strong federal regulation, preluded by the passage of the Elkins Act in 1903, aimed at discrimination and rebates, began definit...
-Railroad Regulation. Part 4
9. Transportation Act of 1920. After the armistice, the return of the railroads to private control became the subject of much discussion in financial and in political circles. Though railroad f...
-Chapter 30. The Problem Of Industrial Monopoly
1. Kinds of monopoly. 2. Political sources of monopoly. 3. Natural and capitalistic monopolies. 4. Monopoly and corporate organization. 5. Rise of the corporation co...
-The Problem Of Industrial Monopoly. Part 2
4. Monopoly and corporate organization. It is necessary to distinguish from monopoly three other features appearing in some enterprises, that are readily and constantly confused with monopoly, ...
-The Problem Of Industrial Monopoly. Part 3
7. Growth of large industry in the nineteenth century. The great recent growth of the monopoly problem is in part to be explained as the result of the growth of large industry as a favoring con...
-The Problem Of Industrial Monopoly. Part 4
12. Height of the movement toward combinations. In a list by another authority 8 it appears that the data for all industrial trusts are in round numbers as follows: These figures, compared w...
-The Problem Of Industrial Monopoly. Part 5
16. Monopoly's power to raise prices. There is no doubt that the formation of a combination from competing plants can and does give a control over prices, a monopoly power, not possessed by the...
-Chapter 31. Public Policy In Respect To Monopoly
1. Moral judgments of competition and monopoly. 2. Public character of private trade. 3. Evil economic effects of monopolistic price. 4. Common law on restraint of trade. &...
-Public Policy In Respect To Monopoly. Part 2
5. Growing disapproval of combination. The attitude of the courts became in one respect stricter. Some earlier cases involved the doctrine that what is lawful for an individual to do alone is l...
-Public Policy In Respect To Monopoly. Part 3
9. Federal legislation against monopoly. The passage of the Interstate Commerce Act in 1887 15 prohibiting discrimination and railway pooling, and that of the Act of 1890 to protect trade...
-Public Policy In Respect To Monopoly. Part 4
13. The industrial trust - a natural evolution? The policy that one is inclined to favor regarding industrial trusts depends very much on one's answer to the question: Are or are not industrial...
-Public Policy In Respect To Monopoly. Part 5
17. The trust issues in 1912. The campaign of 1912 presented in an interesting manner the three policies above outlined. The Republican party, led by President Taft, stood for the policy of mon...
-Part VI Private Property Versus Socialism. Chapter 32. The Present Economic System
1. The place of private property. 2. Nature of property. 3. Relation of wealth, property, and capital. 4. Some theories of private property. 5. Origin vs. justificat...
-The Present Economic System. Part 2
4. Some theories of private property. Various theories have been framed to explain the origin and to justify the existence of private property. The occupation theory is that property is based u...
-The Present Economic System. Part 3
8. Social expediency of private property. In the light of history and of present political philosophy, the explanation and justification of private property must be on grounds of social expedie...
-The Present Economic System. Part 4
12. Effect of modern forces upon custom. The industrial events following the discovery of America strengthened the forces making for economic freedom. Discoveries in the western hemisphere open...
-Chapter 33. Public Ownership
1. Waves of opinion as to public ownership. 2. Primary functions of government favoring public ownership. 3. Economic influences favoring public ownership. 4. Forms of muni...
-Public Ownership. Part 2
5. Localized production favoring monopoly. A number of these enterprises have characteristics in common which appear to make inevitable their drift into monopolistic control. Waterworks, gas, e...
-Public Ownership. Part 3
10. State ownership of various kinds. The movement toward public ownership by the American states has been much less marked than that by the municipalities. Many of the states have retired from...
-Public Ownership. Part 4
12. Sources of heat, light, and power. Next to the question as to the public ownership of the railroads, that as to coal mines and hydraulic power sites is most likely to become insistent for a...
-Chapter 34. Methods Of Distribution
1. The problem of distribution. 2. Distribution by force and by status. 3. Social effects of the right to transmit property. 4. Effects of the right to inherit property. &s...
-Methods Of Distribution. Part 2
5. Broader social effects of inheritance. Inheritance has good effects for the community in so far as it helps to secure efficient management of wealth. If the son or relative has been in busin...
-Methods Of Distribution. Part 3
8. Wide acceptance of competition. On purely abstract and a priori grounds competition cannot be accorded an unqualified ethical sanction, as is sometimes assumed. It is not always and necessar...
-Methods Of Distribution. Part 4
11. Competition modified by authoritative distribution. Authority is essentially the assignment of a common, or social, income to individuals by some person or persons chosen, or accepted, by t...
-Chapter 35. Socialism, Present And Future
1. Meanings of socialism. 2. Philosophic socialism. 3. Socialism in action. 4. Origin of the radical socialist party. 5. The two pillars of scientific so...
-Socialism, Present And Future. Part 2
5. The two pillars of scientific socialism. Scientific communism was to be based upon two immovable pillars, the one economic, the other historical (or historico-philosophical). The...
-Socialism, Present And Future. Part 3
10. Socialism and anarchism. In these and other respects the socialist movement, while gaining in the total number of its adherents, was breaking up into various schools of thought. Ceaseless a...
-Socialism, Present And Future. Part 4
13. Opportunism in socialist party tactics. While many winds of doctrine have been blowing over socialistic philosophy, the practical programs of the party have veered in various dir...
-Socialism, Present And Future. Part 5
16. Economic legislation and the political parties. These figures, while indicating no landslide to communism, do not forecast the disappearance of the radical socialist philosophy and of the s...









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