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About this quote

What does it mean?
Competition is argued to be necessary to drive innovation and prevent stagnation in industry and agriculture.
In plain terms
Competition keeps industries improving and prevents staying stuck in old ways.
What can you take from it?
Competition drives innovation and efficiency.

Where it applies

  • business strategy
  • market regulation
  • industrial policy

Putting it to work

  • encouraging competition
  • modernizing practices
  • evaluating efficiency

Questions to consider

  • Is competition always beneficial?
  • How do we balance competition and stability?

Another view

Unchecked competition can lead to harmful practices or monopolies.

More from William McKinley

  1. We need Hawaii just as much and a good deal more than we did California. It is manifest destiny.

    Permalink to quote #19
  2. War should never be entered upon until every agency of peace has failed.

    Permalink to quote #18
  3. Unlike any other nation, here the people rule, and their will is the supreme law.

    Permalink to quote #17

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