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Monopolies: Coercive and Non-Coercive
"Monopoly means single source of supply. Monopoly is completely harmless unless it is coercive."--Andrew J. Galambos SYNOPSIS This chapter examines the adverse consequences of state intervention in business competition. The English word monopoly denotes a single source of supply. The etymology of the word is from the Greek word monopolion, meaning a single seller. A monopoly is the condition that exists when there is a single source of supply for goods or services. According to the Antitrust Division of the United States Department of Justice (the federal agency delegated the power to control business competition), its ". . . mission . . . is to promote and protect the competitive process and the American economy through the enforcement of the antitrust laws." However, in practice and operation the federal antitrust laws are used to attack the most efficient and successful producers, to protect inefficient producers from competition by more efficient producers and to carry out a