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The Regulation of American Industry

Published online by Cambridge University Press:  01 July 2024

Walter Adams
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Extract

The relation between government and industry is a problem not of economics but of political economy. It is a problem of controlling and civilizing economic power in order that it may be used for the public good within the framework of democratic institutions. It is a problem of striking a delicate balance between individual freedom and centralized control. It is a problem for which there is no monistic solution and which transcends the clichés of popular controversy between conservatives and liberals.

Type
Research Article
Information
Diogenes , Volume 6 , Issue 24 , December 1958 , pp. 65 - 81
Copyright
Copyright © 1958 Fédération Internationale des Sociétés de Philosophie / International Federation of Philosophical Societies (FISP)

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References

1. Cf. United States v. Aluminum Co. of America, 148 F. 2d 416 (2d Cir., 1945).

2. Cf. United States v. Trenton Potteries Co., 273 U.S. 392 (1927); United States v. Socony-Vacuum Oil Co., 310 U.S. 150 (1940).

3. Cf. United States v. American Tobacco Co., 328 U.S. 781 (1946).

4. Cf. A. A. Berle, The 20th Century Capitalist Revolution (New York: Harcourt, Brace & Co., 1954).

5. Cf. J. A. Schumpeter, Capitalism, Socialism, and Democracy (New York: Harper & Bros., 1942); E. S. Mason, "Current Status of the Monopoly Problem," Harvard Law Review, 1949.

6. Cf. J. K. Galbraith, American Capitalism (Boston: Houghton Mifflin Co., 1952).

7. Cf. B. W. Lewis, "The Antitrust Laws: A Symposium," American Economic Review, 1949.

8. Cf. W. Adams, "Competition, Monopoly, and Countervailing Power," Quarterly Journal of Economics, 1953.

9. Cf. W. Adams and H. M. Gray, Monopoly in America (New York: Macmillan Co., 1955).

10. Giant Business: Threat to Democracy (New York, 1952).

11. Cf. H. M. Gray, "The Passing of the Public Utility Concept," Journal of Land and Public Utility Economics, 1940; H. C. Simons, A Positive Program for Laissez Faire (Chi cago : University of Chicago Press, 1934).

12. Cf. W. Adams, "The Role of Competition in the Regulated Industries," American Economic Review, 1958.

13. U.S. Senate Small Business Committee, The Role of Irregular Airlines in the United States Air Transportation Industry (Report No. 540 [Washington, D.C., 1951]), and Future of Irregular Airlines (Report No. 822 [Washington, D.C. 1953]).

14. Cf. D. E. Lilienthal, TVA: Democracy on the March (New York: Harper & Bros., 1944).

15. Cf. E. Davies, National Enterprise (London: Gollancz, 1946); B. W. Lewis, British Planning and Nationalization (New York: Twentieth Century Fund, 1952); F. Machlup, The Political Economy of Monopoly (Baltimore, 1952).