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Topic: |
Business
|
Number of pages / Number of words: |
8 / 2026 |
Essay's paper body
First was the emergence through English common law of a hostile attitude toward private combinations that were in restraint of trade. Under the common law, private agreements of a monopolistic nature that restrained trade were not enforceable. This common-law hostility toward monopoly was important in Britain and America...
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This common-law hostility toward monopoly was important in Britain and America. The second development was the expansion of production that followed the Industrial Revolution, combined with the ideas of the British philosopher and economist Adam Smith on private property, markets, and the free play of competition, which became the dominant influences shaping economic life in the first half of the 19th century...
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