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Contents INTRODUCTION Setting the Stage Confessions of a Lapsed Economist The Conservative Rejection of Market Economics The Forgotten Tradition of Railroad Economics The End of Laissez Faire Emotional Investment in the Imaginary World of Perfect Capitalism Business and Laissez Faire The Unsteady Support of a Competitive Economy After Economics The Framework of this Book Overview 1. THE END OF ECONOMICS What is an Economist? Sociology of Economics A Child's Guide to Price Theory Marginal Costs and Economic Psychology The Unrealistic World of Conventional Price Theory Fixed Costs Liquidity 2. ECONOMIC THEORY AND THE HISTORICAL INCREASE OF FIXED CAPITAL The Reluctance to Invest in Fixed Capital Irrationality and the Expansion of Fixed Capital Keynes and "Animal Spirits" More on Irrationality and Investment Psychology of the Business Cycle Accounting and the Quest for rational Decision Making The Role of Recessions in Market Economics The Paradox of Rationality Investment and Economic Progress 3. RAILROADS AND THE INCREASE IN FIXED CAPITAL The Historical Increase in Fixed Capital Railroad Speculation Accounting for profits in the Railroad Industry The Delayed Reflection of Fixed Capital in Economic Theory The Initial Theoretical Retreat from Laissez-Faire Theory Henry Carey, David Wells, and Destructive Market Forces The Economy of High Wages David Wells and the Theory of Creative Destruction Boom and Bust Again in the Railroad Industry Charles Francis Adams, Jr., and Railroad Economics The Conundrum of Railroad Economics Hadley and the Generalization of the Railroad Problem Hadley on the Trust Problem Hadley's Choice: Neither Socialism nor the Market The Corporatist School of Political Economy Populism, Socialism and Conventional Economic Theory The Strange Case of John Bates Clark The Evolution of John Bates Clark Clark Becomes Conventional The Further Evolution of John Bates Clark Clark's Schizophrenic Attitude toward Competition Clark and Johann Karl Rodbertus Clark and the Founding of the American Economic Association Lessons from Railroad Economics 4. THE ROLE OF FINANCE Merchants, Finance, and the Economic Climate The Role of Financial Intermediaries The Evolution of Financial Intermediaries Finance Capital and the Gold Standard The Interests of Industrial Capital Carnegie and Productionist Management J. P. Morgan and the Reorganization of the Market The Dark Side of Morganization Andrew Carnegie's Crystal Ball Corporatist Economics and Financial Manipulations Conflicting Versions of Laissez Faire 5. INDUSTRY TAKES COMMAND: THE RISE OF WELFARE CAPITALISM The First Stirrings of Corporate Liberalism War Socialism Welfare Capitalism: An Introduction Labor-Management Relations before Welfare Capitalism Ford's $5 Day Balancing Nationalities No More The Americanization of Labor The Strategy of Welfare Capitalism The Economy of High Wages High Wages and Labor Militancy The Rhetoric of Welfare Capitalism The Appealing Logic of Welfare Capitalism The Success of Welfare Capitalism The Limits of Welfare Capitalism 6. MODERN FINANCE CAPITAL The Eclipse of Morgan and the Temporary Decline of Finance Capital Finance without the Dominance of Morgan The Stock Market Bubble Storm Clouds 7. THE DEPRESSION Holding the Line Or Did They Hold the Line? The Depression and the Limits of Welfare Capitalism United States Steel and the Limits of Corporatism The Humiliating Capitulation of Welfare Capitalism Hoover's Welfare Capitalism Hoover's Disillusionment The New Deal and the Resuscitation of War Socialism Assessing Welfare Capitalism The Search for Blame Wages, Deflation and the Way Out of the Depression The Reemergence of Financial Hegemony 8. THE GOLDEN AGE Background to the Golden Age of Industrial Independence Finance Capital in the Postwar Period The Naive Optimism of the Golden Age The End of the Golden Age The Return of Finance Capital Renewed Speculative Frenzy Financial Capital versus Industrial Capital Bureaucratic Management The Holy Gospel of a Return to Productionism Michael Jensen and the Critique of Managerialism The Unproductive Labor Dissipated in Corporate Takeovers More on How Jensen's Approach Backfired Jensen in the Context of Economic Theory The Spreading Influence of Financial Capital The Exploding Cost of Financial Capital The Legacy of Morgan CONCLUSION Beyond Competition Information and Competition The Myth of Market Rationality Cooperation Notes Index
Library of Congress Subject Headings for this publication:
Economics -- History.