LELAND HAZARD

… businessmen must compete, but no one may win the competition. It is this aspect of antitrust which creates two standards, one for big business, another for small business. No matter how vicious the competition of the little fellow, the big fellow must not countercompete too hard.

Adam Smith did not foresee powerful labor unions or social welfare or heavy technology. He marveled at the productivity attained by division of labor in the making of pins. He knew nothing about single electric-current circuit breakers big as a house. Although accumulation of capital from profit and its reinvestment in productive equipment were cornerstones of his philosophy, the scale of investment required for the subsequent technological advances was beyond his ken. Amusingly, he saw no future for the corporation, because, in his opinion, such an artificial body could not marshal the selfish, driving search for profit so fundamental to his system.

… a good society ensues from the selfish pursuits of individual men.

As the first generation of Chinese Communism passes, we are baffled by its unexpected successes

Practicing antitrust lawyers and government antitrust lawyers are a kind of priesthood spinning ever more gossamer refinements of the antitrust commandments.

… a good society ensues from the selfish pursuits of individual men.

Practicing antitrust lawyers and government antitrust lawyers are a kind of priesthood spinning ever more gossamer refinements of the antitrust commandments.

As the first generation of Chinese Communism passes, we are baffled by its unexpected successes

… businessmen must compete, but no one may win the competition. It is this aspect of antitrust which creates two standards, one for big business, another for small business. No matter how vicious the competition of the little fellow, the big fellow must not countercompete too hard.

Adam Smith did not foresee powerful labor unions or social welfare or heavy technology. He marveled at the productivity attained by division of labor in the making of pins. He knew nothing about single electric-current circuit breakers big as a house. Although accumulation of capital from profit and its reinvestment in productive equipment were cornerstones of his philosophy, the scale of investment required for the subsequent technological advances was beyond his ken. Amusingly, he saw no future for the corporation, because, in his opinion, such an artificial body could not marshal the selfish, driving search for profit so fundamental to his system.