One does need a PhD in Economics to see the vapidness of their conclusions. Funny that the author's considered the end of the Great Depression to be sometime in 1943? Curious. Or that the end of the Great Depression wasn't increased competition, but massive government spending.
Or that they failed to consider capitalism's turn of the century history of monopoly and robber barrens. Or that union membership peaked in the 1950's when American was the industrial engine of the world.
Also, curious that they failed to mention the republic recession in 1938 during the Depression. Republic pols forced an election year policy of balanced budget and caused unemployment to again rise. The problem wasn't competition, but a lack of money supply.