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Western Union and the Creation of the American Corporate Order, 1845-1893 (Paperback)
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Western Union and the Creation of the American Corporate Order, 1845-1893 (Paperback)
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This work chronicles the rise of Western Union Telegraph from its
origins in the helter-skelter ferment of antebellum capitalism to
its apogee as the first corporation to monopolize an industry on a
national scale. The battles that raged over Western Union's
monopoly on nineteenth-century American telecommunications - in
Congress, in courts, and in the press - illuminate the fierce
tensions over the rising power of corporations after the Civil War
and the reshaping of American political economy. The telegraph
debate reveals that what we understand as the normative
relationship between private capital and public interest is the
product of a historical process that was neither inevitable nor
uncontested. Western Union's monopoly was not the result of market
logic or a managerial revolution, but the conscious creation of
entrepreneurs protecting their investments. In the process, these
entrepreneurs elevated economic liberalism above traditional
republican principles of public interest and helped create a new
corporate order.
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