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Liberty describes the flexibility that is ensured for all residents and businesses to continue their activities with no prohibition as long as they are within the law. Monopoly on the other hand is specified as a business which is the sole seller of specific items or services within a certain market with no type of competition (Henry, 1894).
From the declaration by Henry Demarest Lloyd, that, “Liberty and monopoly can not cohabit.” Based on understanding on the commercial revolution as well as the gilded age, I tend to concur with this view that monopoly and liberty can not exist at the very same time.
Liberty suggests anyone can participate in any kind of business whereas monopoly denies other individuals the chance or liberty to participate in particular companies(Henry, 1894). Industrial transformation brought more opportunities and opened markets for all people to take part in business. The gilded age likewise brought quick financial advancement for this reason preventing the presence of monopoly.
However, due to corruption and arguments, monopolies continued to exits thus eliminating liberty in companies.
Social Darwinism refers to theories which emerged in 1870s. This view supports the biological concepts whereby natural selection takes place and those that are the fittest are able to survive, politically and socially. Liberty or monopoly does not require any form of biological application (Robert, 2000). Liberty provides freedom to everyone while monopoly is for certain selected businesses hence social Darwinism cannot be applicable. However, considering that not all people or businesses are strong enough to survive competition, I think Social Darwinism may also stand up against the view by Lloyd.
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