Lecture 3 - April 4 2008 Page 1 of 3 Lecture 3 The Range of...

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April 4, 2008 Page 1 of 3 Lecture 3 The Range of Prosperity National income rose by 150% Productivity rose by more than 60% Corporate profits rose by more than 60% 1920s: The Era of Big Business Technological Growth Technological breakthroughs between 19-teens and 1920s made the growth possible Technological revolution accelerated the growth of the corporations and concentration of corporate wealth Estimated that at the end of the 1920s, the 200 of the nations 300,000 corporations controlled half the corporation wealth Separation of Ownership and Management Big corporations were run by managers, with ownership divided from control In 1920, corporations no longer had to finance by borrowing from investment bankers like JP Morgan, as they has done earlier They acquired money to expand by selling stock to a large number of investors and the ownership of the corporations became divorced from the control of corporations Spokespeople for Big Business Calvin Coolidge
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