ABSTRACT
On the question of trust regulation, American economic policy until very recently indeed seemed obsessed by the curious idea that its sole task was to stabilize as far as possible the system of open competition. Federal regulation was first achieved in the domain of the railroads, since, in the case of this in some sense ' natural ' monopoly, the need for some general regulation appeared particularly urgent. The Federal Trade Commission has conducted numerous inquiries into the state of various American industries, and published the results in voluminous reports. The American Cash Register Company by process of ruthless competitive warfare, and by the employment of trickery hitherto quite unknown in Germany, has managed to ruin all its German competitors, and boasts that it possesses at its head-quarters a cemetery with the graves of more than sixty-five companies driven out of business by it.
