Ellis Wayne Hawley - The New Deal and the problem of monopoly: a study in economic ambivalence
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The New Deal and the problem of monopoly: a study in economic ambivalence
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A re-issue of this classic study of President Roosevelts adminstrative policy toward monopoly during the period of the New Deal, updated with a new introduction by the author.
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The New Deal and the Problem of Monopoly : A Study in Economic Ambivalence
author
:
Hawley, Ellis Wayne.
publisher
:
Fordham University Press
isbn10 | asin
:
0823216098
print isbn13
:
9780823216093
ebook isbn13
:
9780585195339
language
:
English
subject
Industrial policy--United States--History--20th century, United States--Economic policy--1933-1945, New Deal, 1933-1939, Roosevelt, Franklin D.--(Franklin Delano),--1882-1945, Monopolies--United States--History--20th century, Antitrust law--United States-
publication date
:
1995
lcc
:
HD3616.U46H33 1995eb
ddc
:
338.8/2/0973
subject
:
Industrial policy--United States--History--20th century, United States--Economic policy--1933-1945, New Deal, 1933-1939, Roosevelt, Franklin D.--(Franklin Delano),--1882-1945, Monopolies--United States--History--20th century, Antitrust law--United States-
Page iii
The New Deal and the Problem of Monopoly
A Study in Economic Ambivalence
Ellis W. Hawley
Fordham University Press New York
Page iv
Copyright 1995 by Fordham University Press
Copyright 1966 by Princeton University Press
Reprinted, with a new introduction, by arrangement with Princeton University Press
All rights reserved
LC 95-15942
ISBN 0-8232-1608-x (hardcover)
ISBN 0-8232-1609-8 (paperback)
Second printing, 1996
Library of Congress Cataloging-in-Publication Data
Hawley, Ellis Wayne, 1929 The new deal and the problem of monopoly : a study in economic ambivalence / Ellis W. Hawley. p. cm. Includes bibliographical references and index. ISBN 0-8232-1608-X(hc).ISBN 0-8232-1609-8 (pbk.) 1. Industrial policyUnited StatesHistory20th century. 2. United StatesEconomic policy19331945. 3. New Deal, 19331939. 4. Roosevelt, Franklin D. (Franklin Delano), 18821945. 5. MonopoliesUnited StatesHistory20th century. 6. Antitrust lawUnited StatesHistory20th century. 7. United States. National Recovery Administration. 8. Elite (Social sciences)United StatesHistory20th century. 9. Depressions1929United States. I. Title. HD3616.U46H33 1995 338.8'2'0973dc2095-15942 CIP
Printed in the United States of America
Page v
To the Memory of Howard K. Beale
Page vii
PREFACE
One of the central problems of twentieth-century America has revolved about the difficulty of reconciling a modern industrial order, necessarily based upon a high degree of collective organization, with democratic postulates, competitive ideals, and liberal individualistic traditions inherited from the nineteenth century. This industrial order has created in America a vision of material abundance, a dream of abolishing poverty and achieving economic security for all; and the great majority of Americans have not been willing to destroy it lest that dream be lost. Yet at the same time it has involved, probably necessarily, a concentration of economic power, a development of monopolistic arrangements, and a loss of individual freedom and initiative, all of which run counter to inherited traditions and ideals. Americans, moreover, have never really decided what to do about this industrial order. Periodically they have debated the merits of "regulated competition" and "regulated monopoly," of trustbusting and economic planning; and periodically they have embarked upon reform programs that would remake the economic system. Yet the resulting reforms have been inconsistent and contradictory. Policies that would promote competition have been interspersed with those that would limit or destroy it. And American economists as a whole have never reached any real consensus in regard to the origins and nature of monopoly, its effects, or the methods of dealing with it.
During the period covered by this study, the six-year span from 1933 to 1939, this conflict over economic policy was particularly acute. The industrial machine, for all its productivity, was seemingly unable to fulfill the dream of abundance and security, and its failure to do so led to demands for political action. Yet there was little agreement on the course that this action should take. Did the
Page viii
situation call for centralized planning and detailed regulation? Did it call for a restoration of competition? Or did it call for government-sponsored cartels that could rationalize the competitive process and weather deflationary forces? In practice, there were a variety of pressures and forces pushing the government in all of these directions. The result was an amalgam of conflicting policies and programs, one that might make some sense to the politician, but little to a rational economist.
Historians, of course, have long been aware of these conflicting crosscurrents in the New Deal's business policies. Arthur M. Schlesinger, Jr., for example, has dealt extensively with the conflict between the economic planners and the neo-Brandeisians, and Eric Goldman, in his Rendezvous with Destiny, described the New Deal as an amalgam of the New Nationalism, the New Freedom, and the Associational Activities of the nineteen twenties. So far as I know, however, no one has yet focused upon this conflict as a central theme or attempted to trace out, describe, and analyze its implications in detail.
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