Fiscal Policy and Business Cycles

By Alvin H. Hansen | Go to book overview
Save to active project

Chapter XVIII

IN considering the question of the impact of the tax structure upon the inducement to invest, it is of interest to inquire into the origin of new industries, the early beginnings of great fortunes, and the changes which have occurred over the last hundred years in methods of financing new enterprises.

An examination of the biographical literature on great fortunes and on the beginnings of great corporations1 ought to throw some light upon the problem of the effect of a tax structure on investment in new enterprises. It is useful to inquire how an individual and corporate income tax, an undistributed profits tax, and a capital gains tax, had they been in existence a hundred years ago, might have modified

The following biographies were examined: L. H. Seltzer: A Financial History of the American Automobile Industry, Boston, 1928; A. D. H. Smith: Commodore Vanderbilt, New York, 1927; J. H. Appel: The Business Biography of John Wanamaker: Founder and Builder, New York, 1930; J. T. Flynn: God's Gold: The Story of Rockefeller and His Times, New York, 1932; B. J. Hendrick : The Life of Andrew Carnegie, 2 vols., New York, 1932; J. G. Pyle: The Life of James J. Hill, 2 vols., New York, 1917; G. T. Clark: Leland Stanford, Stanford University, California, 1931; Oscar Lewis: The Big Four, The Story of Huntington, Stanford, Hopkins and Crocker, and of the Building of the Central Pacific, New York, 1938; George Kennan: E. U. Harriman: A Biography, 2 vols., Boston, 1922; Harvey O'Connor: The Guggenheims: The Making of an American Dynasty, New York, 1937; Harvey O'Connor: Mellon's Millions, New York, 1933; George Harvey: Henry Clay Frick: The Man, New York, 1928; C. W. Ackerman: George Eastman, Boston, 1930; J. K. Winkler, The Dupont Dynasty, New York, 1935; Gilson Gardner: Lusty Scripps: The Life of E. W. Scripps, New York, 1935; and also the histories of many American business corporations which appeared in Fortune magazine from April, 1930, to May, 1938.


Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Cite this page

Cited page

Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited page

Bookmark this page
Fiscal Policy and Business Cycles
Table of contents

Table of contents



Text size Smaller Larger
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen
/ 466

matching results for page

Cited passage

Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?