THE RISE AND FALL OF AN ENTENTE
I N THE DECADE FOLLOWING THE GREAT CONSOLIDATION, BOTH U.S. Steel and the executive branch of the national government had to choose from among several policy alternatives. Gary and Morgan, on the one hand, had the power to destroy any competitor, or force other firms to merge with the Steel Corporation. On the other hand, the managers of U.S. Steel could pursue a course of restraint vis-à-vis the independent mills, or perhaps even collaborate with them in an effort to stabilize the market at a high level. Whatever alternative they chose, though, would depend on the policies of the president, and to a lesser degree, of Congress. Theodore Roosevelt and his successors might continue the probusiness orientation that had marked earlier administrations, leaving business to do as it pleased. The President could, however, attempt to gain wide political support by capitalizing on the growing antitrust sentiment of the country. An energetic attack on a $1.4 billion corporation which controlled three-fifths of the steel industry and was Morgan- dominated would certainly win the applause of many progressives, farm radicals, and small businessmen. Despite recent Supreme Court rulings, new life could be infused into the Sher
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Publication information: Book title: Big Steel and the Wilson Administration:A Study in Business-Government Relations. Contributors: Melvin I. Urofsky - Author. Publisher: Ohio State University Press. Place of publication: Columbus. Publication year: 1969. Page number: 1.
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