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Within a trade, in the absence of any Common Rule, competition between firms leads, as we have seen, to the adoption of practices by which the whole industry is deteriorated. The enforcement of a common minimum standard throughout the trade not only stops the degradation, but in every way conduces to industrial efficiency.

— Beatrice Webb

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Attribution

Quote text and notes from Wikiquote: Beatrice Webb (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.