and depression again overtakes the consolidated enterprises on their new footing. The remedy again is a wider coalition, making possible farther economies, and making some approach to a position of secure monopoly.
It is only on a footing of monopoly that this grinding depression can be definitively set aside. But the monopoly need not be absolute in order to afford a somewhat enduring relief. Wiat is necessary is that the monopoly should comprehend all but a negligible fraction of the business concerns and the equipment engaged in the field within which competition has kept profits below a reasonable level. What is a negligible quantity in such a case is not to be determined on general considerations, since it depends in each case on circumstances aSecting the particular industry, But, in a general way, the more nearly complete the monopoly, the more effectually is it likely to serve its purpose.'
Such business coalitions have the effect of bringing profits to a reasonable level, not only by
1 The obvious remark mty be added, tor coinpleieDeBB of e ment, that the varioua brancbes of induatry lend tbeniselveB to m&nsgemeiit by mODopol; in ezlremel; varying degrees, some, t.g., f&rmiug, as au extreme itisLance, not being amenable to thla metbud of management under eziatiug circumstances; others, again, as, e.g., retail merchandlelng, caa be managed by this method only to a rery restricted exlent ; while at the other end of