I. The inadequacy of stationary analysis, 191.—Adjustment where sellers are few, 193.— Monopolistic restriction vs. competitive action, 193.— II. The influence of business cycles: general characteristics, 200; probability of a common policy, 201; of individual action, 204. III. The development of industries and the degree of competition: the typical pattern, 207; general comparisons between eariy and late stages, 207; probability of a common policy, 209; the influence of time, 212.