David B. Shemano wrote: > > True enough, but when those agencies were created, during the progressive > era, there was widespread intellectual support for the notion that "cutthroat > competition" was ruinous. That intellectual edifice did not exist in the > 1970s.
In the first half of the 20th century a significant part of US industries were producing identical products: kerosene, steel, coal, cotton textiles, meat packing, glass, tobacco, sugar, etc. This, in combination with high fixed costs, made firms vulnerable to excessive price competition. By the 1970, product differentiation had come to dominate the US economy and the form of competition had changed. One consequence was that the economic institutions regulating competition also had to change. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
