A familiar New Deal attack on Business last week precipitated a quarrel over a familiar New Deal paradox. The attack: FTC told the Monopoly Committee that the basing-point price system makes the steel industry "a focal centre of monopolistic infection which, if not eradicated, miy well cause the death of free capitalistic industry in the U. S." The paradox: The Administration's dual attitude toward Business—olive branch in one hand, big stick in the other.
That paradox began with NRA, which was almost a perfect expression of monopolistic economics. When it was abolished, the New Deal reversed its field, has since been...
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