Monopoly distortion
Sir: Stuart Holland (16 October) in his assessment of Keynes and socialism, thought the failure of the falling pound to produce rapid export-led growth was partly due to the multinational nature of firms based in Britain and their reluctance to export British-produced goods which could under cut their own foreign subsidiaries. Whether this can in fact be proved to have occurred or not is not as important as the fact that it IS the possible logical outcome of any monopolistic or quasi-monopolistic organisation.
When Holland goes on to suggest as a cure for 'British capitalism' fundamental and ... revolutionary reforms in the balance or Public and private power which only new Public enterprise and social planning could ensure' he is content to replace quasi monopolistic private organisation with Purely monopolistic public organisation Which will do on a national scale that which he has just condemned at the multinational level. Does he honestly think (indeed do some Conservatives honestly think) that the ability of the National Bus Company to take business from British Railways is any different logically or morally from Chrysler UK undercutting Chrysler in France? Both are problems of monopoly distortion of competition and wielding power at the .exPense of a healthy market and libertarian ideals. Let all 'Hayekians' speak out. Rodney E. B. Atkinson Mainz University, West Germany
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