These robber barons actually argued that "ruinous competition
" made prices too low and hurt markets.
It so happens that administrative leadership trumps academic leadership in Kenya, hence the ruinous competition
. The Kenyan university is also the last outpost of authoritarianism after the democratisation of every other institution.
The ruinous competition
allegedly spawned by a series of lopsided air agreements forged by Philippine negotiators in favor of foreigners are putting existing and soon-to-be established Philippine carriers at great disadvantage.
Hill in 1901, 'came into being as the result of an effort to obviate ruinous competition
'" (1963, 13, ellipses in Kolko).
? | Frank starts with a major prediction: "[E]conomists a hundred years from now will be more likely to name Charles Darwin than Adam Smith as the intellectual founder of their discipline." Frank errs slightly in attributing to Smith a belief in perfect competition; the concept of perfect competition didn't come along until about 150 years after Smith wrote The Wealth of Nations.
(13) Eddy argued that cooperative capitalism could function through binding trade association agreements that might help mitigate extreme price competition that led to "ruinous competition
," in which prices chronically do not cover costs.
But the state still ensures a built-in margin for banks to prevent ruinous competition
in a sector only recently nursed back to rude health through a $500 billion multi-year bailout.
The Armstrong commission found that "rebate statutes were necessary to protect the consumer from bribes, kickbacks and ruinous competition
." I know these protections have worked, for the most part, for over one hundred years.
The Law Lords had been told by Jonathan Sumption QC, for Mr Norris, there were once several thousand cartels operating in the UK, many of them originally sponsored by the Government to protect companies from bankruptcy, prevent ruinous competition
, save jobs and allow British firms to compete in the export markets.
In the 1990s, Brazilian states embarked on a ruinous competition
to get international car companies to build new factories, with incentives that in several cases exceeded $300,000 per job created, at a time when the average auto worker's annual salary was about $12,000.
I emerge cherishing a hope that bullfighting will be introduced at Harvard and Yale, or, if not at Harvard and Yale, then at least in the Lynching Belt of the South, where it would offer stiff and perhaps ruinous competition
to the frying of poor blackamoors.
And each resulted in a glut of capacity, ruinous competition
, falling prices and, ultimately, bankruptcies and consolidation.