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The Speculation Economy by Lawrence E. Mitchell

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image THREE imageTRANSCENDENTAL VALUE

57

Overbuilt industries engaged in ruinous competition created the circumstances that made business cooperation the rational strategy to ensure industrial survival at the end of the nineteenth century. New Jersey met business needs by providing the mechanisms of cooperation. Together they almost certainly would have increased the pace of business combination along the lines that companies like Standard Oil had achieved.

The process of continuing combination to rationalize industry using the New Jersey holding company ...

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