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The Great Merger Movement in American Business, 1895–1904

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  • Lamoreaux,Naomi R.

Abstract

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 more effective against small firms in relatively competitive industries than large firms in oligopolistic ones.

Suggested Citation

  • Lamoreaux,Naomi R., 1988. "The Great Merger Movement in American Business, 1895–1904," Cambridge Books, Cambridge University Press, number 9780521357654.
  • Handle: RePEc:cup:cbooks:9780521357654
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    Cited by:

    1. Babina, Tania & Barkai, Simcha & Jeffers, Jessica & Karger, Ezra & Volkova, Ekaterina, 2023. "Antitrust Enforcement Increases Economic Activity," HEC Research Papers Series 1488, HEC Paris.
    2. Soskice, David, 2020. "The American knowledge economy," LSE Research Online Documents on Economics 107102, London School of Economics and Political Science, LSE Library.
    3. Leonardo M. Klüppel & Lamar Pierce & Jason A. Snyder, 2018. "Perspective—The Deep Historical Roots of Organization and Strategy: Traumatic Shocks, Culture, and Institutions," Organization Science, INFORMS, vol. 29(4), pages 702-721, August.
    4. Bryer, Rob, 2013. "Americanism and financial accounting theory – Part 2: The ‘modern business enterprise’, America's transition to capitalism, and the genesis of management accounting," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 24(4), pages 273-318.
    5. George Deltas & Richard Sicotte, 2017. "Cartel Organization, Price Discrimination, and Selection of Transatlantic Migrants: 1899–1911," Southern Economic Journal, John Wiley & Sons, vol. 83(3), pages 668-704, January.
    6. Darai, D. & Roux, C. & Schneider, F., 2019. "Mergers, Mavericks, and Tacit Collusion," Cambridge Working Papers in Economics 1984, Faculty of Economics, University of Cambridge.
    7. Geoffrey Jones & Peter Miskell, 2007. "Acquisitions and firm growth: Creating Unilever's ice cream and tea business," Business History, Taylor & Francis Journals, vol. 49(1), pages 8-28.
    8. Viktorov, Ilja, 2009. "Mass Production, Economic Growth and Social Justice: Historical Lessons for Russia," Stockholm Papers in Economic History 3, Stockholm University, Department of Economic History.
    9. Mary T. Rodgers & James E. Payne, 2020. "Post‐financial crisis changes in financial system structure: An examination of the J.P. Morgan & Co. Syndicates after the 1907 Panic," Review of Financial Economics, John Wiley & Sons, vol. 38(S1), pages 226-241, March.

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