Re: The economy - a new era?

[Michael Perelman <michael@xxxxxxxxxxxxxxxxx>]

Garraty, John A. 1957. Right-Hand Man: The Life of George W. Perkins
(NY: Harper and Brothers): p. 219 says that Morgan's right hand man
argued that the trusts represented a high order of socialism.  "What is
the difference between the U. S. Steel Corporation ... and a Department
of Steel as it might be organized by the government?"

On Wed, Feb 11, 2004 at 03:13:36PM -0500, Doug Henwood wrote:
>
> I don't have the exact quote in front of me, but at the end of his
> book on J.P. Morgan, Vincent Carasso quoted a unnamed socialist who
> said on the occasion of Old Livernose's death that unlike many
> populists, socialists didn't object to Morgan because he proved in
> practice what they hold in theory, that competition isn't necessary
> for the organization of economic life.
>
> Doug

--
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu