Eddy, Arthur Jerome: The new competition: an examination of the conditions underlying the radical change that is taking place in the commercial and industrial world ; the change from a competitive to a cooperative basis (New York [u.a.], 1912)

2

THE NEW COMPETITION

The profits may be spent elsewhere, the losses—the
waste of time, of energy, of money, in unsuccessful efforts
to get trade, to establish a business, to build up an industry
-—cannot be shifted, they lodge at home, are borne in the
long run by the entire community, and covered in the long
run in the prices of products.
So that to the community competition, so far from
being the life of trade, may be the reverse.

II
Competition, blind, vicious, unreasoning, may stimulate
trade to abnormal activity, but such a condition is no more
sound, healthy “life” than is the abnormal activity of the
man who has taken a little too much alcohol—one stimulant
is like another, exhausting in the end.
Competition is a fetish that men ignorantly worship,
but the cult has had its day, the sanctity of the god is be-
ing assailed, the people are waking up and asking:
“What is this competition and why should it be hedged
about and preserved?”
The country merchant asks himself: “Why is it a good
thing for me to undersell the man across the way and try
to drive him out of business? Why is it a good thing for
him to undersell me and try to drive me out of business ?”
If either succeeds, will not a stranger take the loser’s
place ?
The country mechanic asks himself: “Why should I
work for less than others in the foolish effort to starve
them out of the village? Why should they try to take the
bread from my mouth by working for less than I must
have to support my family? What gain is there in that
sort of competition?”
The labor union says to its members: “You shall not