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John R. Munkirs - The Transformation of American Capitalism: From Competitive Market Structures to Centralized Private Sector Planning

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Book:
The Transformation of American Capitalism: From Competitive Market Structures to Centralized Private Sector Planning
Author:
John R Munkirs
Publisher:
Routledge
Genre:
Computer / Science
Year:
1985
City:
New York
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3 / 5
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Do Americans live in a planned economy? Most of us would say no. John Munkirs. however, argues that the American economy has centralized private sector planning. Assessing 138 major industries and 5 major market areas, the author shows how firms in a given industry are technologically, financially, and administratively interdependent. He then demonstrates how industries are both structurally and functionally interdependent and how a series of economic planning instruments evolved over the years that both allow and may even necessitate regional, national, and international private sector planning.

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The Transformation of American Capitalism

First published 1985 by M. E. Sharpe, Inc.

Published 2019 by Routledge

2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN

52 Vanderbilt Avenue, New York, NY 10017

Routledge is an imprint of the Taylor & Francis Group, an informa business

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

Notice:

Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

Library of Congress Cataloging in Publication Data

Munkirs, John R.

The transformation of American capitalism.

1. United StatesEconomic conditions. 2. CorporationsUnited

States. 3. Central planningUnited States. 4. United StatesEconomic

policy. I. Title. II. Title: Centralized private sector planning.

HC103.M77 1985 338.973 83-27093

ISBN 13: 978-0-87332-270-6 (pbk)

ISBN 13: 978-0-87332-247-8 (hbk)

Contents

Guide

In writing this book, I became acutely conscious of my intellectual debt to many scholars both past and present. Adherence to tradition dictates that one graciously acknowledge these debts while simultaneously granting absolution to all, all but oneself of course, for any of the books shortcomings. I am quite pleased to do the former, since I strongly believe that ideas, as well as the books that flow from them, are primarily evolutionary and social in character, and not a priori individual creations; however, permit me to demur slightly from granting my debtees complete absolution. Although scores of individuals are cited in the body of the text for their contribution to a particular idea or concept, special acknowledgments are in order to several groups to whom I owe an extraordinarily large intellectual debt.

First, my own scholarly development was rooted in Americas institutionalist tradition. The founders of the institutional school of economics were Professors Thorstein Bunde Veblen, John R. Commons, and Wesley Claire Mitchell. Veblen provided the school with both its philosophical frame of reference and its theoretical approach; Wesley Claire Mitchell (one of Veblens students), who founded the National Bureau of Economic Research in 1920 and remained its director until 1945, provided the school with a tool kit of descriptive statistical techniques while constantly nourishing the schools empirical bent; John R. Commons, ever the reformer and public practitioner, stressed and nourished the schools activist stand toward public policy, and in concert with many of his students actually drafted much of the nations original labor legislation.

All three of these intellectual giants were committed to studying the economy as an evolutionary process and at any particular point in time to base their actions and public policy prescriptions on the economy as it existed in reality. In short, they eschewed with great vigor all ideological prattlings, whether from the left or the right wing of the political spectrum. To these three my debt is immeasurable. In addition, acknowledgment is due the institutional economists under whom I studied directlyJoe Brown, John Hodges, and Robert Brazelton at the University of Missouri-Kansas City, and Jim Reese and Nelson Peach at the University of Oklahoma.

During the actual writing of the manuscript, many parts of the analyses were tested on numerous graduate and undergraduate students in my Industrial Organization courses at Sangamon State University. Concepts were enthusiastically and at times heatedly debated, clarified, and refined. The final product benefited greatly from these interactions. Of particular note are: Marcia M. Houk, Jean Rosales, Robert D. Brock, Jim Stark, M. Fred Ellis, Larry Chandler, Charles A. Burbridge, and Doug Kamholz. Special thanks must also be given to Professors Alfred EichnerRutgers University, Bill FeipelIllinois Central College, Jim SturgeonUniversity of Missouri-Kansas City, and Ed StuartIllinois State University, who read the entire manuscript and offered many helpful suggestions. Michael Ayers, my colleague at Sangamon State University for the past decade, was a constant critic, an energetic and wise supporter, and my intellectual companion in developing the Centralized Private Sector Planning theory.

And, as many authors would undoubtedly concur, those who provide logistical supporttyping, phoning, editing, copying, proofing, adding columns of data, etc.while performing vital technical necessities, are also in many ways an emotional crutch whose sustenance often turns utter frustration and exasperation intowell probably get done after all. Pat Burtle-McCredie, Nancy Ayers, Ruth Ann Ayers, and Diane M. Munkirs literally performed miracles in the books preparation. Their common sense, intelligence, technical competence, and enthusiastic encouragement are appreciated beyond my ability to describe.

Penultimately, I wish to acknowledge the staff at M. E. Sharpe, Inc., especially Arnold Tovell and Ann Kearns, who evidently believe, as I do, that the public not only deserves to know, but will invest both time and money to master what is admittedly a difficult subjectthe structural and functional characteristics of the U.S. economy, that is, how the economy actually works.

I dedicate this book to three individualsmy wife, Diane, and my two daughters, Desiree and Dimitri.

The Transformation of American Capitalism

Chapter One
Introduction

a common belief, a linking idea, to which men may devote themselves, and by which they can co-operate together in a universal enterprise.

H. G. Wells, 1920

One of the great lessons learned from history is that a social system is the most creative and dynamicand performs bestwhen its members believe in themselves, believe in what they are doing, and have confidence in the ability of their institutions to perform efficiently and ethically. Events seem to indicate that many Americans are precariously close to losing confidence in themselves and in what they are doing, and that many have already lost confidence in the ability of our economic and political institutions to perform in an efficient and ethical manner. Under these circumstances, cooperation between disparate self-interest groups for the common good of all is quite often unattainable. Most would agree, for example, that controlling stagflation (high levels of unemployment and inflation occurring simultaneously) would benefit all Americans. However, our business elite place the blame for stagflation on labor; labor blames business; and, when they are not busy blaming each other, they join in blaming big government.

The simple fact is, though, that, given the dichotomy between our current beliefs and ideas about economics and power, and the realities of economics and power in our society, there is no viable solution to stagflation. Existing economic theories (neoclassical, Keynesian, Marxist, or the so-called and currently fashionable supply-side economics) concerning the causes of inflation, unemployment, pollution, a carcinogenic food supply, maldistribution of income, inadequate health care for the poor, retarded economic growth, and so on are woefully devoid of adequate insight or understanding of the economys dominant structural and functional characteristics. Of course, theories based on false assumptions, however rational and/or logical, cannot provide a foundation for effective and responsible private or public policy decision making. Let there be no mistake. Orthodox economic theories and beliefs, whether of the left or of the right, have become part of the problem, rather than helping organize our thoughts and discussions so as to provide realistic and workable solutions to our problems.

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