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The Political Concept of Monopoly

George Reisman

Presented at: TJS 1991

Date: Aug 04, 1991

The two lectures cover the following topics:

1. The Political Concept of Monopoly. The prevailing, economic concept of monopoly. The contrasting, political concept of monopoly, which is consistent with individual rights. The Objectivist framework. The meaning of freedom. Freedom and government. Freedom as the foundation of security. The indivisibility of economic and political freedom. The rational versus the anarchic concept of freedom. Monopoly versus freedom of competition. The meaning of freedom of competition. High capital requirements as an indicator of low prices and the intensity of competition. The political concept of monopoly and its application. Monopoly based on exclusive government franchises.

2. The Political Concept of Monopoly and Its Application Continued. Licensing law monopoly. Tariff monopoly. The monopolistic protection of the inefficient many against the competition of the more efficient few or even just one. Monopoly based on minimum wage and prounion legislation: the exclusion of the less able and the disadvantaged. Government owned and government subsidized enterprises as monopoly. The antitrust laws as promonopoly legislation. Socialism as the ultimate form of monopoly. Further implications of the political concept of monopoly. Monopoly prices and high costs rather than high profits. Why patents and copyrights, and trademarks and brand names, are not monopolies. 


Parts: 2

Handout: none


  • CD, 2018 (En)