ABSTRACT
“I AM unaware of any rule of justice applicable to the problem of distributing the produce of industry,” wrote Professor J. G. Cairnes; and it is common to find, in modem economic treatises, general expressions of dissatisfaction with existing methods of apportioning wealth among those who have contributed to its production. But there is little agreement as to the nature of the defects in present modes of distribution, nor does the analysis of economic processes generally adopted by those who indulge in these expressions of dissatisfaction fully justify any such general condemnation. The economic power of landowners, the establishment of trade monopolies or combinations, the weakness of the poorer classes of labourers in bargaining with employers, are commonly regarded as defects of the existing industrial order. But the recognition of these defects is quite consistent with a conviction that the general and normal tendency of competitive industry makes for a fair and satisfactory distribution of the fruits of industry. For the specific defects named above are seen to be closely associated with restraints of competition, and may plausibly be regarded as exceptions which by no means justify a general condemnation of the justice or utility of a system of distribution based upon freedom of competition.
