Socializing Capital: The Rise of the Large Industrial Corporation in America by William G. RoySocializing Capital: The Rise of the Large Industrial Corporation in America by William G. Roy

Socializing Capital: The Rise of the Large Industrial Corporation in America

byWilliam G. Roy

Paperback | August 26, 1999

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Ever since Adolph Berle and Gardiner Means wrote their classic 1932 analysis of the American corporation,The Modern Corporation and Private Property, social scientists have been intrigued and challenged by the evolution of this crucial part of American social and economic life. Here William Roy conducts a historical inquiry into the rise of the large publicly traded American corporation. Departing from the received wisdom, which sees the big, vertically integrated corporation as the result of technological development and market growth that required greater efficiency in larger scale firms, Roy focuses on political, social, and institutional processes governed by the dynamics of power.


The author shows how the corporation started as a quasi-public device used by governments to create and administer public services like turnpikes and canals and then how it germinated within a system of stock markets, brokerage houses, and investment banks into a mechanism for the organization of railroads. Finally, and most particularly, he analyzes its flowering into the realm of manufacturing, when at the turn of this century, many of the same giants that still dominate the American economic landscape were created. Thus, the corporation altered manufacturing entities so that they were each owned by many people instead of by single individuals as had previously been the case.

William G. Royis Professor of Sociology at the University of California, Los Angeles. He specializes in large-scale political and economic transformations.
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Title:Socializing Capital: The Rise of the Large Industrial Corporation in AmericaFormat:PaperbackDimensions:360 pages, 9 × 6 × 0.03 inPublished:August 26, 1999Publisher:Princeton University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:069101034X

ISBN - 13:9780691010342

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Table of Contents

List of Figures

List of Tables

Preface

Ch. 1 Introduction 3

Ch. 2 A Quantitative Test of Efficiency Theory 21

Ch. 3 The Corporation as Public and Private Enterprise 41

Ch. 4 Railroads: The Corporation's Institutional Wellspring 78

Ch. 5 Auxiliary Institutions: The Stock Market, Investment Banking, and Brokers 115

Ch. 6 Statutory Corporate Law, 1880-1913 144

Ch. 7 Prelude to a Revolution 176

Ch. 8 American Industry Incorporates 221

Ch. 9 Conclusion: A Political Sociology of the Large Corporation 259

Notes 287

References 301

Index 319




Editorial Reviews

"Richly detailed, this book builds on the significant work of historians, economists, and social scientists who have dominated the field of business history for a generation or more. It is a major contribution. . . ."