1890–1997 [Bureau of Labor Statistics],” Table Cc66-83 in Carter et al. (2006), https://dx.doi .org/10.1017/ISBN-9780511132971.Cc66-204 (accessed August 17, 2022).

34. Genung (1983, pp. 890–91; 1954, p. 10).

35. Lauterbach (1942, p. 515).

36. Johnson (1973).

37. Alston (1983); Alston et al. (1994); (Alston, Grove and Wheelock 1994). 38. Meltzer (2003, p. 116).

39. Kennedy (1980, pp. 333–34).

40. Genung (1954, p. 10; 1960); Pusey (1974, chapter 17). What had been the War Finance Corporation eventually wound down in 1924, only to be revived again in the New Deal.

41. Hoffman and Libecap (1991); Libecap (1998). 42. Genung (1954).

43. Libecap (1998, pp. 185–87).

44. Irwin (2017, pp. 350–51).

45. Lauterbach (1942, p. 516). 46. Irwin (2017, pp. 347–56). 47. Frieden (2006, p. 145). 48. Goldin (1994).

49. There is some evidence, however, that on the whole, immigration then as now may actu- ally have raised productivity to such an extent that it increased both the quantity and quality of jobs for the native born (Tabellini 2020).

50. Goldin (1994, pp. 238–39). 51. Abramitzky et al. (2019). 52. Eichengreen (1996, p. 119). 53. Meltzer (2003, p. 118).

54. Allen (1931, p. 52).

55. Pound (1934, pp. 78–79); Rae (1958).

56. Pound (1934, p. 88).

57. Gustin (2012, p 43).

58. Chandler (1962, p. 117); Pound (1934, p. 111); Sloan (1941a, pp. 44–45).

59. Rae (1958, p. 260).

60. Pound (1934, p. 87). Buick produced 8,487 cars that year; Ford 6,181; Cadillac 2,380

(Seltzer 1928, p. 150).

61. Gustin (2012, pp. 97–110).

62. Rae (1984, p. 44).

63. Gustin (2012, p. 112).

64. Pound (1934, p. 109).

65. Pound (1934, p. 120); Rae (1984, p. 45); Seltzer (1928, pp. 153–54).

66. Chandler (1962, p. 119).

67. Langlois and Robertson (1995, p. 57); Seltzer (1928, p. 157); Sloan (1964, p. 6).

68. Olds had essentially been run into the ground by Frederic Smith. So parlous was the

company’s state that it had no plans for a new model. In a famous episode, Durant had the unpainted body of a Buick Model 10 trucked to the Olds facility. He told the workmen to cut

Notes to Chapter 5 589

the frame in half lengthwise and then in half again the other way. He then had them separate the four quarters by a few inches. Put your regular hood and radiator on it, Durant told them. There’s your new Oldsmobile for the coming year (Gustin 2012, pp. 112–13; Sloan 1941a, p. 84; Szudarek 1996).

69. Rae (1984, p. 45); Seltzer (1928, p. 158–60). 70. Pound (1934, p. 127).

71. Rae (1958, p. 260).

72. Curcio (2000, pp. 219–24).

73. General Motors Annual Report 1913, p. 10.

74. Chandler (1962, p. 122).

75. General Motors Annual Report (1913, p. 9; 1915, p. 8); Hounshell (1984, p. 224). Some

43,946 of the cars GM sold were Buicks (Curcio 2000, p. 224). 76. Gustin (2012, chapter 8); Rae (1958, pp. 261–63).

77. Seltzer (1928, p. 175).

78. Seltzer (1928, pp. 178–86).

79. Although GM announced that the Chevrolet Motor Company (Delaware) had been dissolved, in fact the holding company continued to exist as a vehicle (as it were) for holding GM stock (Seltzer 1928, p. 197). There is evidence that Durant tunneled resources among GM, Chevrolet, and United Motors, and it was only at the insistence of John Jakob Raskob and Du Pont (on which see below) that he agreed to merge the three into a single operating com- pany (Chandler and Salsbury 1971, p. 461; Farber 2013, p. 132).

80. Pelfrey (2006, pp. 211–13).

81. Louis P. Cain, “Motor Vehicle Registrations, By Vehicle Type: 1900–1995,” Table Df339- 342 in Carter et al. (2006), https://dx.doi.org/10.1017/ISBN-9780511132971.Df184-577 (ac- cessed August 17, 2022).

82. Klepper (2016, p. 18).

83. Abernathy and Utterback (1978).

84. Klepper and Simons (1997).

85. Pound (1934, p. 183); Seltzer (1928, p. 191).

86. Gustin (2012, p. 199).

87. Chrysler (1950, p. 161; 2000, pp. 250–55).

88. Chandler and Salsbury (1971); Farber (2013).

89. Farber (2013, pp. 133–43).

90. Chandler and Salsbury (1971, p. 451).

91. Chandler and Salsbury (1971, p. 475–91).

92. Livesay (1979, p. 232).

93. Over the period 1912 to 1920, GM retained $128 million in earnings out of total net earn-

ings before taxes of $285 million (GM Annual Report 1920, p. 9).

94. Seltzer (1928, pp. 200 and 204).

95. A central component of which was the Chevrolet holding company, which still owned

substantial amounts of GM stock (Chandler and Salsbury 1971, p. 489).

96. GM’s 1922 Annual Report explicitly blames Durant for the tractor fiasco and excoriates

the division managers for ignoring the Finance Committee’s orders to cut back investment. 97. In addition to Sloan’s two autobiographies (Sloan 1941a, 1964), see Farber (2002).

590 Notes to Chapter 5

98. Sloan (1964, pp. 47–48).

99. Sloan (1964, p. 31).

100. Sloan (1964, p. 53).

101. Chandler (1962, chapter 2).

102. The functions of purchasing and engineering reported to the general manager not the

president (Chandler 1962, p. 62).

103. Sloan (1941a, pp. 115–16).

104. Sloan (1941a, p. 107).

105. Rationality properly understood means that agents do the best they can with what they

know. It is not the ability to make rational decisions in this sense that is bounded. It is knowl- edge and cognitive processing capacity that are bounded (Langlois 1990).

106. Hayek (1945).

107. Coase (1937).

108. Hayek (1945); Jensen and Meckling (1992).

109. Drucker (1946, p. 46, emphasis original).

110. Drucker (1954, p. 205).

111. Chandler (1956). For Chandler’s own account of the genesis of Strategy and Structure

and his collaboration with Sloan, see Chandler (2009, pp. 239–42).

112. Sloan (1964).

113. My Years with General Motors was actually written before Strategy and Structure (Chandler

1962) even

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