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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VII. The Age of Mergers

Collection:: Economics Books

116 The Siock Market Crash—And After sell his various plants to independent producers and make them compete with each other. Despite the fact that this organization has made Ford one of the richest men in the world, the public appreciates the fact that he has given them a cheap car. The economies he and other captains of large industry have achieved are so surprisingly great that probably nothing can now stem the rising tide of mass production. The big examples of mass production today, as instanced by Henry Ford, General Motors, West- inghouse and General Electric, the great railway sys- tems, the big banks and so on, have reduced costs to the consumer by reducing costs in general. Of course, their aim has been to increase their own profits; but this has usually been accomplished not by raising prices to the consumer but by reducing costs and gen- erally even by reducing prices in order to command broader markets. To go back to the régime of small fixed charges and large unit costs would be detrimental to the con- sumer interests of the nation. It would mean waste- ful production. It would result in-the instabilities of cutthroat competition. The railroads found out long ago, as Hadley expressed it, that “sometimes it pays to run at a loss.” A bankrupt railroad may change hands, but it cannot go out of business. It goes into the hands of a receiver, but it still runs; for to stop running would not stop the interest on the bonds representing the sunk capital. Today the enormous sums that are put into mass production

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