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Nitpick: dominant position, not really a monopoly. But the rest of your point stands.

by klez 8y ago

dredmorbius 8y ago
But a controlling position is. The earlier terrm engrossment makes this concept clearer: To acquire most or all of (a commodity); monopolize (a market). https://www.thefreedictionary.com/engrossment https://www.thefreedictionary.com/engrossment The meaning is much the same as an engrossing thought or conversation: one that fully occupies your attention. It is as engrossment rather than monopoly that Adam Smith discusses exclusive control. Of trade with a region: The moderate capital of the [Hudson Bay] company, which, it is said, does not exceed one hundred and ten thousand pounds, may besides be sufficient to enable them to engross the whole, or almost the whole, trade and surplus produce of the miserable, though extensive country, comprehended within their charter. No private adventurers, accordingly, have ever attempted to trade to that country in competition with them. This company, therefore, have always enjoyed an exclusive trade in fact, though they may have no right to it in law.... Of skilled labour: Half a dozen wool-combers, perhaps, are necessary to keep a thousand spinners and weavers at work. By combining not to take apprentices they can not only engross the employment, but reduce the whole manufacture into a sort of slavery to themselves.... Of grain: [I]t is scarce possible, even by the violence of law, to establish such an extensive monopoly with regard to corn; and, wherever the law leaves the trade free, it is of all commodities the least liable to be engrossed or monopolized by the force of a few large capitals, which buy up the greater part of it. Not only its value far exceeds what the capitals of a few private men are capable of purchasing, but, supposing they were capable of purchasing it, the manner in which it is produced renders this purchase practicable.... Of land: Great tracts of uncultivated land were, in this manner, not only engrossed by particular families, but the possibility of their being divided again was as much as possible precluded for ever. It seldom happens, however, that a great proprietor is a great improver. In the disorderly times which gave birth to those barbarous institutions, the great proprietor was sufficiently employed in defending his own territories, or in extending his jurisdiction and authority over those of his neighbours. He had no leisure to attend to the cultivation and improvement of land.... And more. https://en.m.wikisource.org/wiki/Special:Search?search=Engross&prefix=The+Wealth+of+Nations&fulltext=Search+The+Wealth+of+Nations&fulltext=Search&searchToken=5xi3uawcgtzkzuekdccfndxe5 https://en.m.wikisource.org/wiki/Special:Search?search=Engro...

Nitpick: dominant position, not really a monopoly. But the rest of your point stands.

by klez 8y ago

Nitpick: dominant position, not really a monopoly. But the rest of your point stands.

But a controlling position is. The earlier terrm engrossment makes this concept clearer: To acquire most or all of (a commodity); monopolize (a market). https://www.thefreedictionary.com/engrossment https://www.thefreedictionary.com/engrossment The meaning is much the same as an engrossing thought or conversation: one that fully occupies your attention. It is as engrossment rather than monopoly that Adam Smith discusses exclusive control. Of trade with a region: The moderate capital of the [Hudson Bay] company, which, it is said, does not exceed one hundred and ten thousand pounds, may besides be sufficient to enable them to engross the whole, or almost the whole, trade and surplus produce of the miserable, though extensive country, comprehended within their charter. No private adventurers, accordingly, have ever attempted to trade to that country in competition with them. This company, therefore, have always enjoyed an exclusive trade in fact, though they may have no right to it in law.... Of skilled labour: Half a dozen wool-combers, perhaps, are necessary to keep a thousand spinners and weavers at work. By combining not to take apprentices they can not only engross the employment, but reduce the whole manufacture into a sort of slavery to themselves.... Of grain: [I]t is scarce possible, even by the violence of law, to establish such an extensive monopoly with regard to corn; and, wherever the law leaves the trade free, it is of all commodities the least liable to be engrossed or monopolized by the force of a few large capitals, which buy up the greater part of it. Not only its value far exceeds what the capitals of a few private men are capable of purchasing, but, supposing they were capable of purchasing it, the manner in which it is produced renders this purchase practicable.... Of land: Great tracts of uncultivated land were, in this manner, not only engrossed by particular families, but the possibility of their being divided again was as much as possible precluded for ever. It seldom happens, however, that a great proprietor is a great improver. In the disorderly times which gave birth to those barbarous institutions, the great proprietor was sufficiently employed in defending his own territories, or in extending his jurisdiction and authority over those of his neighbours. He had no leisure to attend to the cultivation and improvement of land.... And more. https://en.m.wikisource.org/wiki/Special:Search?search=Engross&prefix=The+Wealth+of+Nations&fulltext=Search+The+Wealth+of+Nations&fulltext=Search&searchToken=5xi3uawcgtzkzuekdccfndxe5 https://en.m.wikisource.org/wiki/Special:Search?search=Engro...