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Model T production, which I describe in chapter 4.
21. Chandler (1977, p. 477).
22. Livesay and Porter (1969).
23. Collins and Preston (1961).
24. Chandler (1977, p. 8). The internal quote is from Sombart ([1930] 2001, p. 13).
25. Churchill (1948, p. xiii); Scheidel (2017, p. 130).
26. O’Rourke and Williamson (2002, p. 225).
27. McCloskey (2006, p. 202). Eloranta and Harrison (2010, p. 134) trace the idea of a pro-
tracted European “civil war” to the German historian Ernst Nolte, who in 1964 understood the conflict in light of Soviet aggression and Communist terror, to which, Nolte believed, German National Socialism had been a defensive response.
28. Lindert and Williamson (2016, pp. 194–218); Scheidel (2017, pp. 130–73).
29. Contrary to what is widely believed, the Depression was far more important in leveling income inequality in this period than was government policy (Geloso et al. 2022).
30. Livesay (1989, p. 3).
31. Freeland (2001).
32. Bakker, Crafts, and Woltjer (2017).
33. It is certainly true that the wars—especially, from the American point of view, the second
war—exacted a far greater human toll and were in that sense greater catastrophes. But there is a persuasive argument that without the Depression, World War II might not have happened (Harrison 2016, p. 154). Moreover, as I will argue, the Depression (including the New Deal it called forth) had a more significant effect on the trajectory of American corporate organization than did the wars.
34. Samuel H. Williamson, “Daily Closing Values of the DJA in the United States, 1885 to Present,” Measuring Worth, https://www.measuringworth.com/datasets/DJA/ (accessed May 20, 2019).
35. Louis Johnston and Samuel H. Williamson, “What Was the U.S. GDP Then?” Measuring Worth, https://www.measuringworth.com/datasets/usgdp/ (accessed May 20, 2019).
36. Howard Bodenhorn, “Commercial banks—Number and Assets: 1834–1980.” Table Cj251–264 in Carter (2006), http://dx.doi.org/10.1017/ISBN-9780511132971.Cj142-361.
37. Richard Sutch, “Production of Consumer and Producer Goods—Indexes and Selected Commodities: 1919–1939.” Table Cb35–44 in Carter (2006), http://dx.doi.org/10.1017/ISBN -9780511132971.Cb35-76.
38. Margo (1993, p. 43). 39. Whaples (1995, p. 143).
Notes to Chapter 1 555
40. Fisher (1933).
41. Bernanke (1983).
42. Hunter (1982, p. 884).
43. Graham and Leary (2018, p. 4296).
44. Calomiris and Ramirez (1996, p. 157).
45. Edwards (2018); Romer (1992).
46. Field (2012).
47. Lamoreaux et al. (2011, p. 236).
48. Chandler (1962, p. 44).
49. Prasad (2012, p. 19).
50. Katznelson (2013, p. 162); Leuchtenburg (1963, p. 157).
51. Kandel et al. (2015).
52. Leuchtenburg (1963, p. 35).
53. Tugwell (1927).
54. Field (2022). I have not been able to consult this source directly, as it is still in press at
this writing. But a seminar presentation of the results by Alexander J. Field at the Stanford In- stitute for Economic Policy Research is available at https://www.youtube.com/watch?v=D _dKXMF8WgY (accessed, appropriately enough, on December 7, 2021).
55. Mazzucato (2013). See also Oren Cass, “Resolved: That America Should Adopt an In- dustrial Policy,” Law & Liberty, July 23, 2019, https://lawliberty.org/resolved-that-america -should-adopt-an-industrial-policy/.
56. Nelson and Langlois (1983).
57. Langlois and Steinmueller (1999).
58. Williamson (2019).
59. Policies toward immigration and international trade have also been seen as tools of in-
dustrial policy, and the narrative will engage with those as they arise. But a central fact of the story is, of course, the collapse of globalization during the interwar period.
60. See for example Bittlingmayer (1985); Ely (1900, p. 283); Fligstein (2008, pp. 247–48); Hovenkamp (2015, p. 239); Mowery and Rosenberg (1998, p. 16).
61. Richardson (1972).
62. Richardson (1960, p. 84).
63. Porter and Livesay (1971).
64. Claude Ménard (2021) talks about these as hybrid forms, in which “two or more partners
pool strategic decision rights as well as some property rights, passing these rights across fixed boundaries of organizations that remain legally distinct and keep autonomous control over key assets.”
65. There are two categories of reasons why integrating transactions within a single firm may be more costly than organizing them using visible arrangements between legally separate firms (Williamson 1985, p. 131). The first is the potential loss of economies of scale and scope: if you don’t have the scale of FedEx or UPS, it would be costly for you to deliver your own packages. The second is that perhaps more significantly, internal modes of organization typically have to forego the benefits of local knowledge and high-powered incentives available with market arrangements.
66. Lamoreaux (1985).
556 Notes to Chapter 2
67. The “crime-tort” terminology is from Crane (2008).
68. For a subtle discussion of Brandeis’s views on decentralization and the efficiency of firm size, see Adelstein (2012, pp. 183–95).
69. Stevens (1914a, 1914b).
70. Hovenkamp (2019, 2021); Khan (2018); Melamed and Petit (2019); Shapiro (2018).
71. Chopra and Khan (2020).
72. Khan (2017); Wu (2018).
73. Max Ways, “Antitrust in an Era of Radical Change,” Fortune, March 1966, p. 128.
74. Hovenkamp (2005, p. 35).
75. United States v. Arnold, Schwinn & Co., 388 U.S. 365 (1967). Williamson (1985, pp. 183–89)
excoriates the Schwinn decision in detail.
76. Williamson (1983, p. 292).
77. Williamson (2009, p. 12).
78. Hounshell (1996, p. 26); Mowery (2009).
79. Barnett (2021). Another unintended consequence of these compulsory-licensing agree-
ments was the aggressive licensing of technology to Japanese firms, which offered higher royalties because the agreements did not apply to them ( Johnstone 1999, p. 12; Scherer 1992, p. 187).
80. Kelly et al. (2018).
81. But see Crandall and Winston (2003), who “do not find any evidence that antitrust policy has deterred firms from engaging in actions that could harm consumers.”
82. Crandall and Elzinga (2004, p. 283); Levy and Welzer (1985). 83. McCraw and Reinhardt (1989).
84. Harberger (1954, p. 82). See also Scherer (1987).
85. McCloskey (2016, p. 134).
86. Schumpeter (1950, pp. 84–85).
87. Sombart ([1930] 1975, p. 271). What Sombart actually said is “from destruction
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