Corporate Promotions and Reorganizations

Corporate Promotions and Reorganizations

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Corporate Promotions and Reorganizations

Corporate Promotions and Reorganizations

Read FREE!

Synopsis

These "studies were prepared for the purpose of surveying in detail the stages in the life histories of a selected group of industrial combinations. The cases all passed through a somewhat complex cycle, in which promotion, failure & reorganization followed each other." --from the Preface

Excerpt

The tendency toward combination in certain industries has attracted attention from three distinct groups of people. The student of economic history has seen in the movement a phenomenon as far reaching in its consequences as was the industrial revolution a century ago; the business man, from practical motives, has recognized in it a means for increased profits with lessened effort; the politician has interpreted it as an attack upon the inherited liberties of our people. Unfortunately, with but few exceptions, broad statements are made with insecure foundations in fact, though often in terms of impassioned oratory.

The following studies were prepared for the purpose of surveying in detail the stages in the life histories of a selected group of industrial combinations. The cases chosen have all passed through a somewhat complex cycle, in which promotion, failure, and reorganization followed each other. Such cases illustrate best all phases of corporate history in a comparatively brief space. The student should not infer, however, that all industrial combinations have been as unfortunate as those described here. On the contrary many combinations promoted as extravagantly as any of these have enjoyed uninterrupted prosperity.

I hold no brief for any particular public policy toward industrial combinations. I have sought to depict the facts as I have found them, without effort to shield persons or opinions, and without any ulterior motive. Nevertheless, I have been impressed throughout by the powerlessness of mere aggregates of capital to hold monopoly; I have been impressed, too, by the tremendous importance of individual, innate ability, or its lack, in determining the success or failure of any enterprise. With these observations in mind, one may hazard the belief that whatever "trust problem" exists will work out its own solution.

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