Volume 15, Number 4 (Winter 2012)
Rothbard realizes that the economy is not competitive, that it is shot through with elements of monopoly. The left-wing Chamberlinians (which partially included Chamberlin himself) used this as a beautiful handle to combine with the Marxists and other critics of business to denounce the whole capitalist system as “monopolistic,” and therefore no longer explainable by economic theory. Henry Simons and the other students of Frank Knight during the 1930’s advocated breaking up big business into atomized units that would be more nearly “perfect”.
