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economics history notes

economics history notes - does not seem that large...

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does not seem that large potentially monopolist firms exploited and market power to earn higher than avg profits, the avg return to large firms in heavily concentrated industries was little dif. Than that of large firms in un concentrated industries possible reason: mkts were contestable, meaning firms were afraid to exploit customer for fear that new firms might enter the market, turning a profitable monopoly into an unprofitable duopoly thus minimized profits to minimize incentives to enter market The Post-Bellum expansion of Manufacturing in 1860 – manu centered around NY and Philly by 1880 Midwest developed Chicago, surpassing Boston as an industrial city - role of Midwest = primary processing center for serving regional markets until the RR made supplying the national market practical - Coming rail road = growth of iron and coal industry - Midwest industrialization - supply drive -- BUT this concept may be ignoring the
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