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Pre-eighteenth century economics were governed, not by consumers, who determined what should be produced by what they were willing to buy in a competitive market, but by producers who enjoyed special privileges in return for the most stringent kind of state regulations. Mr. Walter Lippmann, in his book, The Good Society, points out that in the days of Louis XIV the manufacturers of France were told exactly what to produce and exactly how to produce it. Industry and agriculture were governed by codes more complicated than anything ever invented by the NRA or Mr. Wallace. (en) |
