Monopoly is a market, or part of a market, reserved to the exclusive possession of one or more sellers by means of the initiation of physical force by the government, or with the sanction of the government. Monopoly exists insofar as the freedom of competition is violated, with the freedom of competition being understood as the absence of the initiation of physical force as the preventive of competition. Where there is no initiation of physical force to violate the freedom of competition, there is no monopoly. The freedom of competition is violated only insofar as individuals are excluded from markets or parts of markets by means of the initiation of physical force. Monopoly is thus a market or part of a market reserved to the exclusive possession of one or more sellers by means of the initiation of physical force. It is thus something imposed upon the market from without–by the government. (Private individuals–gangsters–can initiate force to reserve markets only if the government allows it and thereby sanctions it.) Thus, monopoly is not something which emerges from the normal operation of the economic system, and which the government must control. . George Reisman
When I despair, I remember that all through history the way of truth and love have always won. There have been tyrants and murderers, and for a time, they can seem invincible, but in the end, they always fall. Think of it--always.
-
Mahatma Gandhi
Buy a gift for a dog, and you'll be amazed at the way it will dance and swerve its tail, but if don't have anything to offer to it, it won't even recognize your arrival; such are the attributes of fake friends.
-
Michael Bassey Johnson
May the forces of evil become confused on the way to your house.
-
George Carlin
When people see some things as beautiful, other things become ugly. When people see some things as good, other things become bad.
-
Lao Tzu
We are supposed to call poison medicine and we wonder why we're always sick.
-
Stefan Molyneux
More Quotes By George Reisman
Monopoly is a market, or part of a market, reserved to the exclusive possession of one or more sellers by means of the initiation of physical force by the government, or with the sanction of the government. Monopoly exists insofar as the freedom of competition...
Liberty should be understood as freedom from the government, specifically, freedom from the initiation of physical force by the government.
Whoever claims that economic competition represents 'survival of the fittest' in the sense of the law of the jungle, provides the clearest possible evidence of his lack of knowledge of economics.
Under capitalism each individual engages in economic planning.
