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Moral Capitalism by Stephen Young

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CHAPTER 11 COMPETITORS: REPEALING THE LAW OF THE JUNGLE

People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.

—Adam Smith, Wealth of Nations1

CONSUMERS PROVIDE THE COMPASS for capitalism, employees do the work, owners make the arrangements, and suppliers feed the machinery of business, but competition hones business decision making, always driving our attention toward the needs of others. When competitive pressures ease, we can more easily impose our arbitrary will on the markets of capitalism. Competitive markets—for customers, investors, employees, supplies, innovations, reputation, etc.—force accountability on business ...

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