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Globalization, liberalization and free market are some of the most significant modern trends in economy. Most economists in our country seem to be captivated by the spell of the free market. Consequently, nothing seems good or normal that does not accord with the requirements of the free market. A price that is determined by the seller or, for that matter, established by anyone, other than the aggregate of consumers seems pernicious. Accordingly, it requires a major act of will to think of price-fixing as both normal and having a valuable economic function. In fact, price-fixing is normal in the industrialized societies because the industrial system itself provides, an effortless consequence of its own development, the price-fixing that it requires. Modern industrial planning requires and rewards great size. Hence, a small number of large firms will be competing for the same group of consumers that each large firm will act with consideration of its own needs and thus avoid selling its products for more than its competitors charge is commonly recognized by the advocates of free-market economic theories. But each large firm will also act with full consideration of the needs that it has in common with the other large firms competing for the same customers. Each large firm will thus avoid significant price-cutting, because price-cutting will be prejudicial to the common interest in a stable demand for products. Most economists 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.
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3. Butler wrote the charter for North Western Christian University in 1849, and the Indiana General Assembly approved the charter in 1850. Butler was quoted in the Indianapolis Daily Journal in 1876 as saying, "The institution originated in the desire of its founders and early patrons for an institution of learning of the highest class upon free soil, in which their children and the youth of the Northwest might receive a liberal and Christian education, removed, as far as practicable, from the pernicious influences of slavery." "The Northwestern Christian University, " Indianapolis Daily Sentinel, February 22, 1876, p. 10; George M. Waller, "Butler University, " Encyclopedia of Indianapolis, 372-74. 2b1af7f3a8