Sunday, July 26, 2015
On TR's Trust-Busting
What a bunch of bullshit. As Gabriel Kolko, Jim Powell, George Bittlingmayer, and numerous other historians have consistently pointed out, a) yes, there were a lot of mergers in the late 19th and early 20th Centuries but for the most part THEY FAILED, (or at the very least their profits took a hit), b) this was an era of DEFLATION in which the vast majority of consumers benefited, and c) competition was actually INCREASING in virtually every sector of the economy (including oil) and this was verified in the Census ("Historical Statistics of the United States, Colonial Times to 1970", Part 2) ; the number of commercial and industrial firms having progressed from 1,110,000 in 1890 to 1,510,000 in 1910, a 36% increase! If you're asking me here, this had everything to do with Roosevelt's hatred of the wealthy ("malefactors of great wealth", he called them) and his undying faith in the ability of government to stick it to them and little to do with helping folks (though, as always, I could be wrong).