Mises Daily
Author:
Murray N. Rothbard
Online Publish Date:
[May 1961] To Adam Smith and to his successors, “competition” was not a term defined with mathematical precision; it meant, generally, “free competition,” i.e., competition unhampered by governmental grants of exclusive privilege. And “monopoly” tended to mean such grants of governmental privilege. To Adam Smith, for example, “competition” was