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1. See the classic work by A. D. Chandler, “The Beginnings of “Big Business” in American Industry,” Business History Review
33 (1959), 1–31
2. A. D. Chandler, The Visible Hand: the Managerial Revolution in American Business (Cambridge, Mass: Harvard University Press, 1977)
3. Carl Degler, The Age of the Economic Revolution (Glenview: Scott, Foresman and Co, 1997)
4. N. R. Lamoreaux, The Great Merger Movement in American Business, 1895–1904 (New York: Cambridge University Press, 1985).
5. Elsewhere, see M. S. Morgan, “Competing Notions of “Competition” in Late-Nineteenth Century American Economics,” History of Political Economy (1993), forthcoming. I have given an account of the different notions of competition utilized by economists in their attempts to understand the “new competition” and its development. Their responses were surprisingly varied: competition was seen as an institution, a law of nature, an agent of natural law and an economic law. This paper extends my earlier analysis in a particular direction.
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