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the basic principle of capitalism: that the penalties (losses) no less than the rewards (profits) of risk taking shall go to those who embark on a productive venture.

George W. Stocking

the basic principle of capitalism: that the penalties (losses) no less than the rewards (profits) of risk taking shall go to those who embark on a productive venture.

George W. Stocking
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it is easier to induce national governments to discriminate against foreign producers than to defend the interests of domestic consumers
George W. Stocking
the German and Japanese governments heavily subsidized their chemical industries for war purposes. Government subsidies, direct or indirect, spurred German developments in synthetic rubber and plastics, synthetic fuels, light metals, and various other substitutes for natural materials.However, the world's chemical industries would have grown rapidly without artificial encouragement.
George W. Stocking
It is clear that both at home and abroad producers have been unwilling to trust their fortunes entirely to the unrestricted play of competition. Both in world and domestic markets businessmen have sought security by substituting collective controls for the free play of market forces.
George W. Stocking
either on a competitive or a cartel basis.
George W. Stocking
The term cartel was virtually unknown to the American language a generation ago. Like most borrowed words, when first taken over it meant different things to different persons. Time was required to crystallize its meaning. In this country it now commonly refers to international marketing arrangements. In a companion study we have defined such a cartel as an arrangement among, or on behalf of, producers engaged in the same line of business designed to limit or eliminate competition among them.
George W. Stocking
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