The Corporation and the Twentieth Century

capacity, 75 percent of them engaged in naval construction (Tyler 1958, p. 106). 83. Williams (1996).

84. Tyler (1958, p. 106).

85. Hessen (1975, chapter 12).

86. Tyler (1958, pp. 106–8).

87. Lauterbach (1942).

88. Eichengreen (1996, p. 88).

89. Koistinen (1967, 1997).

90. Koistinen (1967, p. 389)

91. Koistinen (1997, p. 137).

92. Chernow (1990, p. 202).

93. Edward Marshall, “Edison’s Plan for Preparedness,” New York Times, May 30, 1915, p.

SM6.

94. This account draws on Cuff (1973) and Koistinen (1997).

Notes to Chapter 4 583

95. Werking (1978). Contrary to what most imagine, the Chamber was not an endogenous expression of the interests of private enterprise but an organization created by the federal gov- ernment to help prosecute American foreign trade.

96. 40 Stat. 276, P.L. 41, 65th Cong., 1st sess., August 10, 1917.

97. Herbert Hoover, “Introduction” (written in 1920) to Mullendore (1941, p. 3).

98. Cuff (1977, 1978); Hawley (1974).

99. Higgs (1987, pp. 135–38).

100. Mullendore (1941, p. 61).

101. Mock (1941, p. 28).

102. Meyer (2017, p. 251).

103. Timberlake (1963, p. 179).

104. Cuff (1978, p. 46).

105. Carosso (1970, pp. 219ff.); Martin (1971).

106. Schaffer (1994, p. 33).

107. Higgs (1987, pp. 116–21).

108. The Railroad Administration kept rates low and wages high, necessitating a transfer

of some $1.4 billion from the Treasury during the 27 months of federal control (Healy 1944, p. 536).

109. Rockoff (2005, p. 329).

110. Cuff (1978, p. 47); Higgs (1987, p. 138); Kennedy (1980, p. 124).

111. Koistinen (1997, p. 211).

112. Eisner (2014, pp. 59 and 61).

113. Koistinen (1997, p. 198).

114. Koistinen (1997, p. 233).

115. Eisner (2000, pp. 64–65).

116. Cuff (1973, p. 225).

117. Rockoff (2005, p. 238).

118. Cuff and Urofsky (1970, p. 295); Tugwell (1927, p. 365).

119. Miron and Romer (1990, p. 337).

120. Rockoff (2012, p. 133). Note also that national income is calculated in dollar terms, not

in terms of physical units, and it is far from clear how meaningful are the wartime prices used to make the calculation.

121. Rockoff (2005, p. 238).

122. Rockoff (2012, p. 140).

123. To put that in perspective: US GDP in 1919 was $79 billion. The $32 billion expenditure

would be something like $444 billion in 2016 dollars. The (much-longer-lasting) US incursion into Afghanistan and Iraq in the twenty-first century has been costing disputed numbers of trillions of dollars, against US GDP in 2016 of $18.6 trillion. See Louis Johnston and Samuel H. Williamson, “What Was the U.S. GDP Then?,” Measuring Worth, http://www.measuringworth .org/usgdp/ (accessed November 19, 2017).

124. Friedman and Schwartz (1963, p. 221); Rockoff (2005, p. 316). 125. J. M. Clark (1931).

126. For instances of this, see for example Frothingham (1927, p. 131).

 

127. Link (1954, p. 195). The tax on munitions makers was made retroactive to the beginning of 1916 to make sure that the firms could not raise their prices to compensate. Almost all of the tax was paid by Du Pont (Chandler and Salsbury 1971, p. 402).

128. Gilbert (1970, p. 79).

129. Rockoff (2005, p. 321). See also Federica Genovese, Kenneth Scheve, and David Stasav- age, “Comparative Income Taxation Database,” Stanford University Libraries, February 28, 2014, http://data.stanford.edu/citd.

130. Rockoff (2012, p. 329).

131. Scheidel (2017); Scheve and Stasavage (2016).

132. Kennedy (1980, pp. 100ff.).

133. Meyer (2017, p. 288).

134. Kennedy (1980, p. 104).

135. Friedman and Schwartz (1963, p. 205).

136. Friedman and Schwartz (1963, p. 220); Meltzer (2003, pp. 73 ff.).

137. Friedman and Schwartz (1963, p. 216).

138. Samuel H. Williamson, “The Annual Consumer Price Index for the United States,

1774–2015,” Measuring Worth, http://www.measuringworth.com/uscpi/ (accessed Novem- ber 20, 2017).

139. Much of this portrait of the early American automobile industry follows Langlois and Robertson (1995, chapter 4).

140. Goddard (2000); Maxim (1937). Pope attempted to reestablish itself as a maker of gasoline-powered vehicles, but this met with little success. The firm collapsed in 1914 following the death in 1909 of founder Colonel Albert A. Pope, though bicycle operations were acquired by the Westfield Manufacturing Company, whose new facilities in Massachusetts made bicycles and even munitions for the war effort. Pope’s Hartford plant was taken over by a machine-tool company called Pratt & Whitney. The company’s signature brand—the Columbia bicycle— lives on as intellectual property, nowadays in the form of a retro-design for enthusiasts.

141. Pound (1934, chapter 4).

142. Klepper (2016).

143. Langlois (2018, pp. 1059–60).

144. Klepper (2016, pp. 75–76).

145. Hounshell (1984, p. 224).

146. Hounshell (1984).

147. Ames and Rosenberg (1965). On this see also Langlois (2003a).

148. Hounshell (1984, p. 252).

149. Raff and Summers (1987).

150. Older factories had been laid out for centralized water or steam power. Paul David