Monopolies and John Stuart Mills' Philosophy

Paper Summary:

The following paper discusses the culmination of Mill's beliefs regarding Monopolies. After looking at a dearth of theories that help people realize what factors constitute success, this paper contends that monopolies can be advantageous; it all depends on the manner in which they are run.

From the Paper:

"John Stuart Mill wrote in his Autobiography: "The social problem of the future we considered to be, how to unite the greatest individual liberty of action, with a common ownership in the raw material of the globe, and an equal participation of all in the benefits of combined labor." It was his philosophy that the individual should be free and have the greatest amount of control in the society. A monopoly of any kind would limit the individual power and thus create a barrier to the growth of society as a whole. Believing in the concept of the greatest good, Mills theory of Utilitarian thus, opposed any sort of monopoly in society."

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