Synopsis
Excerpt from Economics: Lesson 17
Competition was keen and pronto were small in the United States in the period following the Civil War. Con sequently we find bera'the loosest kind of combination (the pool) coming into prominence in American manufac turing industry. An instance given by Ripley is the case of the Michigan Salt Association. Competition in the salt trade had proved very destructive of the capital engaged in it, and finally about 1866 we find the salt manufacturers in Michigan agreeing to sell their product to an Associa tion which was to dispose of it for them. Thus they would cease to compete against each other in the market and would be enabled to secure enhanced profits.
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