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By Ronald Radosh, Murray N. Rothbard

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Announces certain moral principles to which we all agree"; and the trade commission act "prevents unfair methods of competition," and as such "is the most wholesome legislation . . that has been passed recently" in the matter of trusts. " N F T C , Proceedings (1915), PP. 54, 56. 66 See La Follette's Weekly, VI, 8 (February 21, 1914), p. 1-2. 65 44 NEW HISTORY OF LEVIATHAN Henry R. Seager of Columbia University, Charles R. Van Hise, president of the University of Wisconsin, and Guy E. Tripp, chairman of the board of directors of the Westinghouse Electric Manufacturing Company.

3 7 3 7 See in particular his speeches, "Efficiency" (January 27, 1912), PPWW, Vol. II, pp. 357-360, 372-375, 38o; "The 28 NEW HISTORY OF LEVIATHAN Wilson's c o n c e r n for the p r o m o t i o n of foreign t r a d e a n d investment found expression in some of his key appointm e n t s u p o n assuming the presidency. T o C h i n a , for example, he sent P a u l S. Reinsch, long a p r o m i n e n t spokesm a n for e c o n o m i c expansion a b r o a d . H e a p p o i n t e d his intimate friend, W a l t e r H .

Smith, embodied the common law-"rule of reason" doctrine ultimately handed down by the Supreme Court in its American Tobacco and Standard Oil decisions of 1911. Like the others, Wilson had opposed the Court's earlier decisions prohibiting both "reasonable" and "unreasonable" restraints of trade; like them his approach affirmed large-scale corporate organization, sought the institutional legitimization of reasonable restraints of trade and the prohibition of unreasonable restraints or "unfair" competition, as determined at common law and by judicial precedent, with the public interest as the central consideration.

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