American Philosophy Quotes



In the late 19th century, the Sherman Antitrust Act was passed to control vicious monopolies and trusts. There were many who thought that this would be philosophically incompatible with the doctrine of free enterprise. James observed that the American philosophy required the testing of each doctrine and in the case of monopolies, the results were destructive for consumers, competitors, and society in general, with the monopolist the only beneficiary of the free enterprise where consumers and competitors lose their freedom.


While Murphy may have believe this, his company would profit immensely of Chrysler would fail. 28 years later it was General Motors that required the bailout that was much larger than the Chrysler one. The GM executives had gotten over their philosophical objections.