Word: cartelizing
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Apart from these political objections, there were questions on the very economics of Schuman's plan. In England, and in the French socialist party itself, economists complained that the program might become, in time, merely a super cartel, one that could practically make its own laws. Others pointed out that the continent has seldom been without its earls in the modern past; this group feels that an organized monopoly might be better than the disorganized system that is now in existence...
Added Wilson: the U.S. must work out "an American solution of the relations of labor and industry, and not attempt to adopt the philosophy of class conflict from Europe ... on the one hand, or the cartel thinking of noncompetitive reactionaries on the other ... If the people of our country really understand this principle [of increased productivity] and stick to it, and are willing to work for the things they would like to have just as they have been willing to do in the past, I have no worries about our country being able to stand the costs of pensions, insurance...
...Quaint Idea. This radical proposal was promptly slapped down by the Wall Street Journal, which observed that "preserving competition by creating a Government-dictated cartel is ... a quaint idea." Big Steel's Chairman Irving S. Olds offered another kind of comment. In his annual report last week, he disclosed that profits in 1949 were the highest since 1929 and totaled $165,908,829 (v. $129,627,845 in 1948). But Olds carefully pointed out that U.S. Steel's slice of the nation's steelmaking capacity has declined steadily from 44.2% in 1902 to 32.2% today...
...British Empire, and it is logical to expect that in the British quest for dollar exchange they would try every means to better their competitive position in the U.S." In Washington, the Department of Justice said it would go right ahead with its trial to break up the alleged cartel...
...thing that may have caused Lord McGowan to change his mind was the U.S. Department of Justice's suit which is coming up for trial next month. The suit charged that I.C.I, and Du Pont were operating a world chemical cartel (TIME, Jan. 17, 1944). Lord McGowan had denounced the "iniquitous charges," but quietly terminated I.C.I.'s 24-year-old agreements to share "patents and processes" with Du Pont...