Mergers, concentration, and the erosion of democracy

Monthly Review

Volumn 53, Issue 1, 2001, Pages 14-29

  Du Boff, Richard B ^a   Herman, Edward S ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0010068824     PISSN: 00270520     EISSN: None     Source Type: Journal    
DOI: 10.14452/MR-053-01-2001-05_2     Document Type: Article

References (49)

1. United Nations, World Investment Report 2000 (New York: United Nations, 2000), 10-14, 28; World Investment Report 1999 (New York: United Nations, 1999), 94-96.
2. United Nations, World Investment Report 2000 (New York: United Nations, 2000), 10-14, 28; World Investment Report 1999 (New York: United Nations, 1999), 94-96.
3. Mergerstat release, December 20, 2000.
4. In this article "concentration" refers to the share of an industry's output, employment, or assets held by a relatively small number of firms, usually four or eight (which is how the U.S. Census Bureau and Federal Trade Commission measure concentration). Marx called this "centralization," as "the larger capitals beat the smaller. . . . [I]n a certain line of industry [centralization] would have reached its extreme limit, if all the individual capitals invested in it would have been amalgamated into one single capital." He used "concentration" to refer to the growth in the size of individual firms as "accumulation increases the concentration of that wealth [the means of production] in the hands of individual capitalists" (Capital, vol. I, Kerr ed., 685-688). The distinction, and the trends foreseen, represent a landmark in the history of economic analysis.
5. See R. B. Du Boff and E. S. Herman, "The Promotional-Financial Dynamic of Merger Movements: A Historical Perspective," Journal of Economic Issues 23 (March 1989).
6. "Merger Prompts US West CEO to Call it Quits," USA Today, March 1, 2000, 2B; "US West Execs Set Bonus for Trujillo, Others to Get $18.5 million," Denver Post, March 14, 2000, C1; "Mergers: How Sweet They Can Be!," Too Much, Winter 2000, 9.
7. "Merger Prompts US West CEO to Call it Quits," USA Today, March 1, 2000, 2B; "US West Execs Set Bonus for Trujillo, Others to Get $18.5 million," Denver Post, March 14, 2000, C1; "Mergers: How Sweet They Can Be!," Too Much, Winter 2000, 9.
8. "Merger Prompts US West CEO to Call it Quits," USA Today, March 1, 2000, 2B; "US West Execs Set Bonus for Trujillo, Others to Get $18.5 million," Denver Post, March 14, 2000, C1; "Mergers: How Sweet They Can Be!," Too Much, Winter 2000, 9.
9. Martin Sikora, "A Decade of Dealmaking," Mergers and Acquisitions Journal 35 (January/February 2000), 36-38.
10. "Deutsche Telekom's Wireless Wager," Business Week, August 7, 2000.
11. Mergerstat release, December 28, 2000.
12. "The Big Grab," Business Week, January 24, 2000; "Entreprises: après les Etats-Unis, la folie des fusions s'empare de l'Europe," Le Monde, April 19, 1999, 18.
13. "The Big Grab," Business Week, January 24, 2000; "Entreprises: après les Etats-Unis, la folie des fusions s'empare de l'Europe," Le Monde, April 19, 1999, 18.
14. World Investment Report 2000, 101-102.
15. United Nations, World Investment Report 1997 (New York: United Nations, 1997), 12-15.
16. "AT&T and British Telecom Merge Overseas Operations," New York Times, July 28, 1998, A1.
17. "Airline Alliances: Mergers in Mind," Economist, September 26, 1998, 68.
18. See "Partners," Business Week, October 25, 1999.
19. W. G. Shepherd, "Causes of Increased Competition in the U.S. Economy, 1939-1980," Review of Economics and Statistics 64 (November 1982).
20. U.S. Census Bureau, Census of Manufactures, and Census of Retail Trade, various editions.
21. U.S. Census Bureau, Economic Census 1997 at 〈www.census.gov/epcd/www/concentration.html〉.
22. Kevin Stiroh and Jennifer Poole, "Explaining the Rising Concentration of Banking Assets in the 1990s," Federal Reserve Bank of New York, Current Issues 6 (August 2000), Table 1.
23. Data from Survey of Current Business, various issues.
24. "Why U.S. Giants Are Crying Uncle," New York Times, October 11, 2000, W1.
25. "Unexpected Result of Airline Decontrol is Return to Monopolies," Wall Street Journal, July 20, 1987, A1; Amy Taub, "Oligopoly!" Multinational Monitor, November 1998, 9.
26. "Unexpected Result of Airline Decontrol is Return to Monopolies," Wall Street Journal, July 20, 1987, A1; Amy Taub, "Oligopoly!" Multinational Monitor, November 1998, 9.
27. "Why Service Stinks," Business Week, October 23, 2000.
28. "Bigger Isn't Better for Fleet's Customers," Business Week, July 10, 2000.
29. Stiroh and Poole, "Explaining Rising Concentration," 4-5; Gerald Hanweck and Bernard Shull, "The Bank Merger Movement: efficiency, stability and competitive policy concerns," Antitrust Bulletin 44 (Summer 1999), 263.
30. Stiroh and Poole, "Explaining Rising Concentration," 4-5; Gerald Hanweck and Bernard Shull, "The Bank Merger Movement: efficiency, stability and competitive policy concerns," Antitrust Bulletin 44 (Summer 1999), 263.
31. "Paper Prices Are Driving Flurry of Industry Mergers," Wall Street Journal, May 10, 2000, B4.
32. "Pfizer Gets Its Deal to Buy Warner-Lambert for $90.2 Billion," New York Times, February 8, 2000, C1.
33. "Farm Subsidies," Environmental Working Group, at 〈\wwv.ewg.org〉.
34. William Greider, "The Last Farm Crisis," The Nation, November 20, 2000, 14; Michael Stumo, "In Firm Control," Multinational Monitor, July/August 2000.
35. William Greider, "The Last Farm Crisis," The Nation, November 20, 2000, 14; Michael Stumo, "In Firm Control," Multinational Monitor, July/August 2000.
36. See Du Boff and Herman, "Promotional-Financial Dynamic of Merger Movements."
37. David Ravenscraft and F. M. Scherer, Mergers, Sell-Offs, and Economic Efficiency (Washington: Brookings Institution, 1987), 38-45, 207-217.
38. Mark Sirower, The Synergy Trap (New York: Free Press, 1997), 11-17, 123-136; " The Case Against Mergers," Business Week, October 30, 1995.
39. Mark Sirower, The Synergy Trap (New York: Free Press, 1997), 11-17, 123-136; " The Case Against Mergers," Business Week, October 30, 1995.
40. New York Times, November 26, 2000, BU1; also, "Unmaking Mistake . Daimler's New Boss For Chrysler Orders Tough, Major Repaire," Wall Street Journal, January 22, 2001, A1.
41. New York Times, November 26, 2000, BU1; also, "Unmaking Mistake . Daimler's New Boss For Chrysler Orders Tough, Major Repaire," Wall Street Journal, January 22, 2001, A1.
42. "Let's Talk Turkeys," Business Week, December 11, 2000; "Cautionary Tales: When Big Deals Turn Bad," Wall Street Journal, December 8, 1999, C1.
43. "Let's Talk Turkeys," Business Week, December 11, 2000; "Cautionary Tales: When Big Deals Turn Bad," Wall Street Journal, December 8, 1999, C1.
44. For reports on these splits, see New York Times, November 10, 2000, C1 (British Telecom); November 2, 2000, C1 (WorldCom); October 26, 2000, A1 and September 21, 1995, A1 (AT&T).
45. For reports on these splits, see New York Times, November 10, 2000, C1 (British Telecom); November 2, 2000, C1 (WorldCom); October 26, 2000, A1 and September 21, 1995, A1 (AT&T).
46. For reports on these splits, see New York Times, November 10, 2000, C1 (British Telecom); November 2, 2000, C1 (WorldCom); October 26, 2000, A1 and September 21, 1995, A1 (AT&T).
47. For reports on these splits, see New York Times, November 10, 2000, C1 (British Telecom); November 2, 2000, C1 (WorldCom); October 26, 2000, A1 and September 21, 1995, A1 (AT&T).
48. "Big Mergers, Bad Service," Business Week, August 10, 1998. "Cramming" is billing customers for fraudulent services or products; "slamming" is switching them to a new long-distance company without their knowledge.
49. "Megamergers Are a Clear and Present Danger," Business Week, January 25, 1999.