MONOPOLY 
113 
former are commonly termed “ kartels ” and 
the latter “ trusts.” 
Recent years have seen a great increase of 
voluntary combinations. Some are mere 
unions for arranging a common policy in the 
matter of price ; others consist in complete 
industrial integrations ; while in between 
numerous varieties are to be found, which 
it is for a more realistic economics to classify 
and account for. It would, however, be a 
mistake to draw the inference that competition 
has been so outflanked that it must yield in 
bulk to combination. All businesses are 
not suited to any degree of unified control ; 
and while in one state of development or 
of trade conditions an industry may lend 
itself to monopolisation, in another set of 
circumstances forces which bring about its 
disintegration may as surely be generated. 
Moreover, it might very well be that in 
a given industry a trust after paying for a 
generation would cease to pay, owing to the 
difficulty of detecting and appointing the 
most capable leaders after the process of 
natural business survival of the fittest had 
ceased to operate thoroughly within the 
industry. Why recently there has been so 
marked an increase of combinations for 
securing monopoly, widely extended investi-