Books > Business & Economics > Business & management > Ownership & organization of enterprises > Takeovers, mergers & buy-outs
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The Great Merger Movement in American Business, 1895-1904 (Paperback, New Ed)
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The Great Merger Movement in American Business, 1895-1904 (Paperback, New Ed)
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Between 1895 and 1904 a great wave of mergers swept through the
manufacturing sector of the U.S. economy. More than 1,800 firms
disappeared into horizontal combinations, at least a third of which
controlled more than 70 percent of the markets in which they
operated. In The Great Merger Movement in American Business, Naomi
Lamoreaux explores the causes of the mergers, concluding that there
was nothing natural or inevitable about turn-of-the-century
combinations. With the aid of a formal model, Lamoureaux
demonstrates that the merger wave was the product of a particular
historical combination of circumstances: the development if
capital-intensive production techniques; a spurt of rapid growth in
a number of heavy industries in the late 1880s and early 1890s; and
the panic and depression of 1883. Together, this sequence of events
produced an episode of abnormally severe price competition that
manufacturers finally turned to consolidation to alleviate. Despite
her conclusion that the mergers were not inevitable, Lamoreaux does
not accept the opposing view that they were necessarily a threat to
competition.
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