The stock market crash - and after

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Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VII. The Age of Mergers

Collection:: Economics Books

The Age of Mergers 103 “The various small concerns will compensate for each other’s fluctuations to some extent, but the large concern will have the advantage in being better able to plan ahead, to study its market, and to take advantage of regional differences in business con- ditions. Furthermore, while various fluctuations of the small concerns may compensate for each other statistically, they do not do so economically. In each case the concern is required to maintain machinery and equipment sufficient to meet its maximum de- mand. The result is a total capacity greater than the single large company will find necessary. Finally, the wider fluctuations in the individual small com- panies will result in continual hiring and discharging of labor. Other small companies may stand ready to hire the man who has just been discharged, but un- less a number of small companies are located in the same community, operation by small companies will tend to keep a larger number of men unemployed than when large companies dominate the industry.” Mergers Grow Despite Prejudices These considerations indicate why big business is coming into its own, and men talk in sanguine terms about the “Fordizing” of business. Only a short time ago there was great prejudice against big busi- ness of every kind, particularly when it was obtained by combination. But suddenly the pent-up pressure toward larger business units, in spite of public prejudice and the opposition of politicians, has broken free in a wonderful period of expansion.

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