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Between 1895 and 1904 a great wave of mergers swept through the manufacturing sector of the United States' economy. This book explores the causes of the mergers, arguing that there was nothing natural or inevitable about turn-of-the-century combinations. Despite this conclusion, the author does not accept the view that they were necessarily a threat to competition. She shows that most of these consolidations were less efficient that the new rivals that appeared almost immediately, and they quickly lost their positions of market dominance. More over, in most of those few cases where consolidations proved to be more efficient, the nation was better off for their formation. Some exceptions occurred, however, and in these instances anti-trust policy should have had a significant role to play. Unfortunately, the peculiar division of power and authority that characterizes the Federal system of government prevented an effective policy from emerging. Ironically, anti-trust policy proved much m

Today the term "insider lending" conveys an aura of abuse and corruption, of unethical, if not illegal, behavior. In early nineteenth century New England, however, insider lending was an integral aspe

Modern developed nations are rich and politically stable in part because their citizens are free to form organizations and have access to the relevant legal resources. Yet in spite of the advantages o

Although technological change is vital for economic growth, the interaction offinance and technological innovation is rarely studied. This pioneering volume examines the ways inwhich innovation is fun

Recent U.S. Supreme Court decisions in Citizens United and other high-profile cases have sparked passionate disagreement about the proper role of corporations in American democracy. Partisans on both

The conditions for sustainable growth and development are among the most debated topics in economics, and the consensus is that institutions matter greatly in explaining why some economies are more su

Although technological change is vital for economic growth, the interaction offinance and technological innovation is rarely studied. This pioneering volume examines the ways inwhich innovation is fun

The Challenge of Remaining Innovative explores innovation as a complex phenomenon that may be organizational as well as technological, that operates both within firms and across the broader economy,

Learning by Doing in Markets, Firms, and Countries draws out the underlying economics in business history by focusing on learning processes and the development of competitively valuable asymmetries. T

Learning by Doing in Markets, Firms, and Countries draws out the underlying economics in business history by focusing on learning processes and the development of competitively valuable asymmetries. T