Inhe declined offers from David O. Selznickwho asked him to head his film company's story department, and William Wylerwho wanted him for a supporting role in Wuthering Heights.
Another motive for the mergers was to create large promotional profits for those persons who initiated and managed the merger.
In general, the mergers did not result in improved efficiency in producing any commodities since the mergers were "horizontal", that is, they involved companies producing more or less the same products at more or less the same technical efficiency. Robert Grosse has written that "monopolistic agreements among pig iron producers were unknown until the depression ofand even these were ineffective.
These high costs put a premium on the elimination of competition in the industry; monopolistic agreements gained prominence during the s. By they led to creation of the U. Steel did not attempt to create a complete monopoly in the industry. It "set prices at a level that would earn profits for its weaker competitors, but not so high as to antagonize customers.
One avenue to that goal was the corporation's ownership of the rich iron ores in the Lake Superior district which gave U. Steel a competitive edge and which it refused to share with any other firm in the industry.
Another mechanism was the holding of so-called "Gary dinners" duringwhich involved steel industry leaders. A participant in the dinners, named after Elbert H.
Gary, chairman of the board of directors of the U. Steel Corporation, noted that the guests were summoned in order to discuss problems arising out of the depression of these years. Gary was said to stress that industry policy should be based "on a disposition to help one another, instead of trying to get business at the expense of one another and at prices below actual cost.
One historian writes that "the Gary dinners were remarkably successful in preventing price cutting. In the s, notes Josef Steindl, the rate began a very long-term drop which was uninterrupted even as late as the s. Another approach to this same area is to study the rate of output of fixed capital per worker.
Referring to the years after the Civil War, Robert Gallman reports that "in the postwar period [until ] the rate does not rise above the rate for The rate of increase of fixed capital output was subject to sharp retardation and this is especially evident for the period after By that time, as just noted, the rate of growth of business capital was being checked.
Indeed, the advance of monopoly led to that checking process by raising profit margins of the larger firms, expanding excess capacity, and thereby restricting investment. Inby contrast, nearly a hundred industrial corporations had attained that size.
In incorporated companies made up only boom and bust. exploring the great depression and the new deal. Engleza Optional - Civilizatie American a Option Ale UNIT 4: Recovery from Depression, Documents Similar To Boom and Bust Revision Key Points.
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The 's have been popularly seen as a decade of political stability and economic prosperity. Indeed, Germany did settle down, and seemed to stabilize after , new democracies were established in Eastern Europe, and prosperity did seem to return. – Sixth Avenue Elevated at Third St.
by John Sloan, Boom and Bust After World War I, the United States enjoyed a time of prosperity and confidence. Once in Golconda: A True Drama of Wall Street, - Kindle edition by John Brooks.
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