Most economists in the united States seem

captivated by the spell of the free market. Conse-

quently, nothing seems good or normal that does

not accord with the requirements of the free market.

(5) A price that is determined by the seller or, for

that matter, established by anyone other than the

aggregate of consumers seems pernicious. Accord-

ingly, it requires a major act of will to think of

price-fixing (the determination of prices by the

(10) seller) as both "normal" and having a valuable

economic function. In fact, price-fixing is normal

in all industrialized societies because the indus-

trial system itself provides, as an effortless conse-

quence of its own development, the price-fixing

(15) that it requires. Modern industrial planning

requires and rewards great size. Hence,

a comparatively small number of large firms will

be competing for the same group of consumers.

That each large firm will act with consideration of

(20) its own needs and thus avoid selling its products

for more than its competitors charge is commonly

recognized by advocates of free-market economic

theories. But each large firm will also act with

full consideration of the needs that it has in

(25) common with the other large firms competing for

　　　the same customers. Each large firm will thus

avoid significant price-cutting, because price-

cutting would be prejudicial to the common interest

in a stable demand for products. Most economists

(30) do not see price-fixing when it occurs because

they expect it to be brought about by a number of

explicit agreements among large firms; it is not.

　　　Moreover, those economists who argue that

　　　allowing the free market to operate without inter-

(35) ference is the most efficient method of establishing 

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