With WWII, Morgans get their war in Europe; Rockefellers get their war in Asia. Both sides are happy. Rockefellers take over foreign relations and create the Trilateral Commission, while electing Carter President in 1977.
The Sherman Act outlawed restraint of trade. The Clayton Act added to that. Anti-Trust hysteria came in the 1940-50s. Whatever you did would be considered monopolistic. The charges didn't come from consumers, they came from whining competitors.
Rockefeller's Standard Oil created a monopoly in kerosene refining by buying others out. A huge drop in the price of fuel followed, benefiting consumers, due to production efficiencies. Rothbard then discusses pietists, prohibitionists and the big political shift of 1896.
The progressive period saw a re-alliance of church and state - secularized extreme Pietism (Protestant sects) with government as savior by intervening in markets. The Pure Food and Drug Act was a prototype for the whole progressive movement toward purity of body, mind and soul.
When pietists shift to the Republican party, they form the progressive movement of 1900-1920. Rockefeller- McKinley forms alliances with power brokers like Kuhn, Loeb & Co., and Harriman (versus the Morgans).
Colonial governments tried to manipulate the Spanish peso when they couldn't control the commodity monies. They increased the supply of pesos (inflation) and encouraged exports. Prices increased until the process was banned.
The Americans successfully used the different tactic guerilla warfare against the staid and rigid British soldiers. War caused a large increase in the paper money supply - the Continental - triggering hyperinflation and loss of purchasing power.
The private property method of settlement was more successful than the public method. But, moving people to the new world was difficult while life in Europe was better. Thus, indentured servants were a large group second only to religious refugees.
Salutary neglect of the colonies spurred innovation and abundance in a spirit of freedom. Bitterness crept into the relationship after the French and Indian War when the British kept colonialists out of certain territories and began taxing them internally and increased tariffs.
International trade routes revealed comparative advantages of the different shippers, whether New England or British. Merchants dealt with shippers with whom they had a history. Knowing market conditions was easier for local merchants. Crews were paid less in their home ports.
