In this volume in the NBER series on capital formation and
financing, the authors show, with supporting figures, two major
trends in mining and manufacturing. The first is that this sector
had a rate of growth significantly higher than that of the economy
as a whole. The total capital assets of this sector increased
fifteenfold from 1880 to 1948, while the total stock of all
tangible wealth in the United States increased only about sixfold.
The second trend is a marked diversity among industries in the rate
of growth over the period and in the time pattern of that rate. The
authors advance a number of explanatory hypotheses about the
significance of their findings. Originally published in 1960. The
Princeton Legacy Library uses the latest print-on-demand technology
to again make available previously out-of-print books from the
distinguished backlist of Princeton University Press. These
editions preserve the original texts of these important books while
presenting them in durable paperback and hardcover editions. The
goal of the Princeton Legacy Library is to vastly increase access
to the rich scholarly heritage found in the thousands of books
published by Princeton University Press since its founding in 1905.
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