The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-08-11
WE MUST CURB MONOPOLY

NEANY observers of the Roosevelt new deal
4'A are worried about the dangers of monop-
oily and the possible extinction of the small
producer The latter is pertty bound to disap-
pear except in certain specialized and semi
handicraft industries He is an anomaly in
our mechanical age of industrial consolidation.
His position is like that of the hand weaver
century ago. as portrayed in George Eliot's
"Sias Manner
The question of monopoly and the position
of the antitrust laws in the face of the
national industrial recovery act is more
practical and important matter. On this sub
Iect an excellent little brochure by Alexander
Levene has appeared. entitled Modification of
the Antitrust Laws and Purchasing Power"
The author gets back to fundamentals. He
shows that reorganization of our industrial
life which can possess any prospect of success
must deal successfully with chronological I'M
employment and also insure adequate mass
purchasing power.
Our mechanical evolution has progressed
so far that in 1929. at the height of our pros
perity at least 100000 were unemployed in
our country as result of their displacement
by labor saving machinery. The Columbia
university survey claims that by 1885 there will
be 100000 unemployed on this account.
The short working week has been proposed
as the direct mode OF meeting chronological
unemployment, but this is of little signif-
icance unless the same wages or higher wages
are paid for the shorter working period Even
in prosperous times, the purchasing power of
the masses has been all too slight TO maintain
anything like permanent prosperity.
Sufficient purchasing power can be realized
only in conjunction with national economic
planning. Unlimited competition, industrial
anarchy and the presence OF multitude of
small producers mean low wages and con-
tinually depressed economic order. The same
competitive forces which may reduce prices
actually reduce wages and throw us into one
economic tailspin after another.
The way out is through nationally planned
industrial corporations:
Equitable distribution to maintain pur-
chasing power by reducing the hours Of labor
and increasing real wages is impossible while
industry is ruled by the wild forces of compe-
tition. Full equitable distribution. such as will
avoid chronological unemployment and at all
times maintain full purchasing power to en-
able each member of the population to &C
quire and consume his quota of the output of
our national productive facilities, can be
accomplished only by complete cooperation,
not only within each industry, but also be-
tween industries and among all factors en-
tering into production, based upon national
economic planning and cooperation
This brings up sharply the question of
what will happen to the antitrust laws placed
on the statute books by an earlier generation
Of liberals. Levene is against blanket repeal
Of these laws. lest unregulated monopoly be
the result. He quotes the famous passage
from Adam Smith, TO the effect that people
of the same trade seldom meet together, even
for merriment and diversion, but the CONVEX
sation ends in a conspiracy against the public
or in some continuance to raise prices"
We now are repudiating the devil of "un-
bridled competition" There is little to be
gained by plunging into the deep blue sea of
'unbridled cooperation" characterized by
excessive prices. extortonate practices and
inequitabe distribution Of wealth
The solution lies along the lines laid down
by Mr.. Roosevelt in his national industrial
recovery act. Any modification of the anti
trust laws must be paralleled by close federal
supervision Of the new cooperative practices
The evils Of monopoly must Be prevented the