We can also see patent medicine as a victim of its own success. In some version, folk medicines had been around for centuries, and when their claims were more modest, and their advertising less importunate, they may have delivered some of what they promised at least by virtue of the placebo effect, which, as scientists have shown, can be quite significant. But the industry had caught the spirit of late nineteenth-century capitalism, and for patent medicine, this translated into too great a fraud, too much profit, too much damage to public health. And so the industry collapsed of its own weight. But the means that it had invented for converting attention into cash would live on in other forms, finding new uses in the hands of both government and other commercial ventures.

Tim Wu, The Attention Merchants, loc. 118