9. Monopoly and Competition
The words monopoly and competition have been changed. Competition meant rivalry or competing, either active or potential. Businesses do not like this. Monopoly meant a grant of privilege by the government. It now means a falling demand curve. Government creates crazy regulations and the market works to get around them. Cheaper consumer products are better. It's difficult to sustain quotas - cartel agreements; everybody cheats. Cartels break up in the free market unless government intervenes and props them up.
Part 9 of 14. Presented in 1986 at New York Polytechnic University.
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.