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Economics Made Simple: How money, trade and markets really work by Madsen Pirie

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Competition, monopolies, and setting the rules

Competition has enjoyed a good press from those who have written about business, and from those who have succeeded in it:

“Competition is the keen cutting edge of business, always shaving away at costs.”

– Henry Ford

“Competition is not only the basis of protection to the consumer, but is the incentive to progress.”

– Herbert Hoover

“The price which society pays for the law of competition, like the price it pays for cheap comforts and luxuries, is great; but the advantages of this law are also greater still than its cost – for it is to this law that we owe our wonderful material development, which brings improved conditions in its train. But, whether the law be benign or not, we must ...

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