But there is another form of monopoly, far more general and far more insidious. The accumulation of large amounts of capital under consolidated control creates a new kind of power—essentially different from the power of increase. Increase is constructive in its nature. Power from accumulation is destructive. It is often exercised with reckless disregard, not only to industry but to the personal rights of individuals. A railroad approaches a small town as a highwayman approaches his victim. Agree to our terms or we will bypass your town is as effective a threat as your money or your life. As robbers unite to plunder and divide the spoils, the trunk lines of railroads unite to raise rates and pool their earnings. The public is then forced to pay the cost of the whole maneuver, as the vanquished are forced to pay the cost of their own enslavement by a conquering army.
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About Henry George
Henry George was a 19th-century American political economist. Henry George was an American political economist, social philosopher and journalist. His writing was immensely popular in 19th-century America and sparked several reform movements of the Progressive Era. Read more on Wikipedia →