Institutional Change and American Economic Growth
This book presents a model for examining problems of institutional change and applies it to American economic development in the nineteenth and twentieth centuries. The authors develop their model of institutional change. They argue that if external economic factors make an increase in income possible but not attainable within the existing institutional structure, new organizations must be developed to achieve the potential in income. Their model is designed to explain the type and timing of these necessary changes in institutional organization. Individual, voluntary cooperative, and governmental arrangements are included in the discussion, although the latter differs considerably from the first two.
The government coercion and the redistribution of income
Land policy and American agriculture
Transportation developments and economic growth
Economies of scale unsuccessful cartelization and external
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action group activities addition agricultural alternative American appears areas arrangemental innovation arrangements associated attempts banks benefits capital cartel century Chapter companies competition continued corporate costs Court decisions discount early economic effect environment example existing expect external fact farm farmers federal finance firms force further gains given governmental growth important income increase individual industry institutional institutional arrangements interest investment involved labor land legislation less limited major manufacturing ment Moreover nineteenth operating organization particular period political possible potential predict present primary probably problems production profits railroad rates redistribution reduce regulation relative result returns rules scale sector social structure substantial successful suggests tended theory tion trade transport union United voluntary voluntary cooperative workers York
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