efficacious, must restore profits to a " reasonable " rate ; which means, practically, that prices must be brought to the level on which the accepted capitalization has been made. Such a remedy, to offset the disastrous cheapening of products through mechanical improvements, has been found in business coalitions audi working arrangements of one kind and another, looking to the " regulation " of prices and output.] Latterly this remedy is becoming familiar to the business community as well as to students of the business situation, and its tangible, direct, and unequivocal efficiency in correcting this main infirmity of modem business is well recognized. So much so, indeed, that its urgent advisability has been formulated in the maxim that " Where
lnveBtmenl(Kapitalbildning),and Pecuniary Expectancy (Viintandet). Hii expoaitioQ U Dot yet completed, but ho tar aa may be gathered from what baa come to band, he should reaoh aabatanUally ttu aame oat' that given aboTe.
combination is possible competition is impossible." What is required is a business coalition on such a scale as to regulate the output and eliminate competitive sales and competitive investment witbin a field large enough to make up