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Socializing capital : the rise of the large industrial corporation in America / William G. Roy.

By: Roy, William G, 1946-.
Material type: TextTextPublisher: Princeton, N.J. : Princeton University Press, c1997Description: xv, 338 p. : ill. ; 24 cm.ISBN: 0691043531 (acid-free paper); 9780691043531 (acid-free paper); 069101034X (pbk. : acid-free paper); 9780691010342 (pbk. : acid-free paper).Subject(s): Big business -- United States -- History | Corporations -- United States -- Finance -- History | Industrial policy -- United States -- History | Capitalism -- United States -- History | Social structure -- United States -- History | Rich people -- United States -- History | Power (Social sciences) -- United States -- HistoryDDC classification: 338.6/44/0973 Other classification: 83.83
Contents:
Introduction -- A quantitative test of efficiency theory -- The corporation as public and private enterprise -- Railroads: the corporation's institutional wellspring -- Auxiliary institutions: the stock market, investment banking, and brokers -- Statutory corporate law, 1880-1913 -- Prelude to a revolution -- American industry incorporates -- Conclusion: a political sociology of the large corporation.
Summary: Here William Roy conducts a historical inquiry into the rise of the large publicly traded American corporation. Departing from the received wisdom, which sees the big, vertically integrated corporation as the result of technological development and market growth that required greater efficiency in larger scale firms, Roy focuses on political, social, and institutional processes governed by the dynamics of power.Summary: The author shows how the corporation started as a quasi-public device used by governments to create and administer public services like turnpikes and canals and then how it germinated within a system of stock markets, brokerage houses, and investment banks into a mechanism for the organization of railroads. Finally, and most particularly, he analyzes its flowering into the realm of manufacturing, when at the turn of this century, many of the same giants that still dominate the American economic landscape were created. Thus, the corporation altered manufacturing entities so that they were each owned by many people instead of by single individuals as had previously been the case.
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Item type Current location Call number Status Date due Barcode
Book University of Texas At Tyler
Stacks - 3rd Floor
HD2785 .R598 1997 (Browse shelf) Available 0000001310374

Includes bibliographical references (p. [301]-317) and index.

Introduction -- A quantitative test of efficiency theory -- The corporation as public and private enterprise -- Railroads: the corporation's institutional wellspring -- Auxiliary institutions: the stock market, investment banking, and brokers -- Statutory corporate law, 1880-1913 -- Prelude to a revolution -- American industry incorporates -- Conclusion: a political sociology of the large corporation.

Here William Roy conducts a historical inquiry into the rise of the large publicly traded American corporation. Departing from the received wisdom, which sees the big, vertically integrated corporation as the result of technological development and market growth that required greater efficiency in larger scale firms, Roy focuses on political, social, and institutional processes governed by the dynamics of power.

The author shows how the corporation started as a quasi-public device used by governments to create and administer public services like turnpikes and canals and then how it germinated within a system of stock markets, brokerage houses, and investment banks into a mechanism for the organization of railroads. Finally, and most particularly, he analyzes its flowering into the realm of manufacturing, when at the turn of this century, many of the same giants that still dominate the American economic landscape were created. Thus, the corporation altered manufacturing entities so that they were each owned by many people instead of by single individuals as had previously been the case.

Reviews provided by Syndetics

CHOICE Review

Richly detailed, this book builds on the significant work of historians, economists, and social scientists who have dominated the field of business history for a generation or more. It is a major contribution, analyzing and synthesizing much of that literature, deriving its thrust from its recurrent critique of Alfred D. Chandler's widely praised studies. Roy (sociology, UCLA) sees the rise of large-scale enterprises as the key element in Chandler's work and as primarily an application of efficiency theory. He begins with a "test" of that theory and locates the great change narrowly in the rise of corporations in the period from 1898 to 1902, when the aggregate value of the US's corporate stocks and bonds rose from one billion to more than seven billion dollars. He then backs up to discuss public and private corporations in the early history of the republic, and the later role of railroads as the "well-springs" of mobilized capital so essential in driving the economy to higher income levels. Financial institutions provided the means, and court decisions and laws "set the stage for the corporate revolution at the end of the century." Roy then deals with the enterprises that dominated new processing businesses in the 1870s and '80s (e.g., sugar refining and brewing) and traces the efforts to reduce market competition. Finally, he concludes that the great merger movement at the end of the century, which he sees as a revolution, combined the financial and technological changes that "socialized" both capital and manufacturing. Upper-division undergraduate through faculty. M. Rothstein; emeritus, University of California, Davis

Author notes provided by Syndetics

William G. Roy is Professor of Sociology at the University of California, Los Angeles.

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