The Corporation and the Twentieth Century

205. Beasley (1947, pp. 82–83). Du Pont complained of the same micromanagement in its contract to build the Old Hickory plant (Chandler and Salsbury 1971, p. 423).

206. Dickey (1968, p. 68).

207. Trimble (1990, p. 22).

208. Dickey (1968, p. 68).

209. Dickey (1968, p. 101).

210. “Backward Airplane Production,” New York Times, March 20, 1918, p. 12.

211. Mooney and Layman (1944, p 31). A subcommittee of the Senate Committee on Military

Affairs also undertook hearings.

212. Holley (1953, pp. 68ff.); Mooney and Layman (1944, pp 31–35).

1. Mitchell (1920, p. 143).

Notes to Chapter 5 587 Chapter 5: Interlude

2. These latter included John Maurice Clark (1944) and a young Paul Samuelson (Samuelson and Hagen 1943).

3. J. M. Clark (1931, p. 53).

4. Kennedy (1980, p. 251). Samuelson and Hagen (1943, p. 6) use a similar image, albeit with a less elegant turn of phrase.

5. J. M. Clark (1931, p. 54); Samuelson and Hagen (1943, p. 6).

6. J. M. Clark (1931, p. 121).

7. Samuel H. Williamson, “Annualized Growth Rate of Various Historical Economic Series,”

MeasuringWorth, 2022, https://www.measuringworth.com/calculators/growth/ (accessed August 17, 2022).

8. Kennedy (1980, p. 264). Although Kennedy made this assertion in 1980, it is almost cer- tainly still true.

9. Samuelson and Hagen (1943, p. 31). 10. Murray (1955, chapter 4).

11. Coben (1964).

12. Kennedy (1980, pp. 278–84).

13. Allen (1931, p. 43).

14. Murray (1955, chapter 5).

15. Urofsky (1969, chapter 7).

16. Soule (1947, pp. 194–96).

17. Murray (1955, chapter 8); (1955); Shlaes (2013, chapter 6); Sobel (1998, chapter 6).

18. Murray (1955, chapters 12 and 13).

19. Friedman and Schwartz (1963, pp. 221–31); Meltzer (2003, pp. 98–109).

20. “Governor Harding,” New York Times, April 8, 1930, p. 22.

21. Friedman and Schwartz (1963, pp. 228).

22. Chandler (1958, p. 148).

23. Bordo et al. (2007, p. 8).

24. Friedman and Schwartz (1963, pp. 131–39).

25. Meltzer (2003, pp. 109–11). “WE MUST DEFLATE,” Strong told an official of the Trea-

sury Department as early as February 6, 1919. “Notwithstanding the hardships and losses result- ing, I believe you will agree that it is inevitably necessary that our banking position must be gradually deflated. If this is not done, we must face the necessity of either continuing the gold embargo . . . or else lose a large amount of gold at a time when it would be inconvenient for us to do so” (Chandler 1958, p. 139).

26. Wicker (1966).

27. Romer (1988, p. 109).

28. Bordo et al. (2007, p. 10).

29. Alston et al. (1994, p. 414); Lauterbach (1942, p. 515).

30. Soule (1947, p. 100).

31. Romer (1988, p. 109).

32. Samuel H. Williamson, “The Annual Consumer Price Index for the United States, 1774–2015,”

Measuring Worth, http://www.measuringworth.com/uscpi/ (accessed February 19, 2018).

588 Notes to Chapter 5

33. Christopher Hanes, “Wholesale and Producer Price Indexes, By Commodity Group: 1890–1997 [Bureau of Labor Statistics],” Table Cc66-83 in Carter et al. (2006), https://dx.doi .org/10.1017/ISBN-9780511132971.Cc66-204 (accessed August 17, 2022).

34. Genung (1983, pp. 890–91; 1954, p. 10).

35. Lauterbach (1942, p. 515).

36. Johnson (1973).

37. Alston (1983); Alston et al. (1994); (Alston, Grove and Wheelock 1994). 38. Meltzer (2003, p. 116).

39. Kennedy (1980, pp. 333–34).

40. Genung (1954, p. 10; 1960); Pusey (1974, chapter 17). What had been the War Finance Corporation eventually wound down in 1924, only to be revived again in the New Deal.

41. Hoffman and Libecap (1991); Libecap (1998). 42. Genung (1954).

43. Libecap (1998, pp. 185–87).

44. Irwin (2017, pp. 350–51).

45. Lauterbach (1942, p. 516). 46. Irwin (2017, pp. 347–56). 47. Frieden (2006, p. 145). 48. Goldin (1994).

49. There is some evidence, however, that on the whole, immigration then as now may actu- ally have raised productivity to such an extent that it increased both the quantity and quality of jobs for the native born (Tabellini 2020).

50. Goldin (1994, pp. 238–39). 51. Abramitzky et al. (2019). 52. Eichengreen (1996, p. 119). 53. Meltzer (2003, p. 118).

54. Allen (1931, p. 52).

55. Pound (1934, pp. 78–79); Rae (1958).

56. Pound (1934, p. 88).

57. Gustin (2012, p 43).

58. Chandler (1962, p. 117); Pound (1934, p. 111); Sloan (1941a, pp. 44–45).

59. Rae (1958, p. 260).

60. Pound (1934, p. 87). Buick produced 8,487 cars that year; Ford 6,181; Cadillac 2,380

(Seltzer 1928, p. 150).

61. Gustin (2012, pp. 97–110).

62. Rae (1984, p. 44).

63. Gustin (2012, p. 112).

64. Pound (1934, p. 109).

65. Pound (1934, p. 120); Rae (1984, p. 45); Seltzer (1928, pp. 153–54).

66. Chandler (1962, p. 119).

67. Langlois and Robertson (1995, p. 57); Seltzer (1928, p. 157); Sloan (1964, p. 6).

68. Olds had essentially been run into the ground by Frederic Smith. So parlous was the

company’s state that it had no plans for a new model. In a famous episode, Durant had the unpainted body of a Buick Model 10 trucked to the Olds facility. He told the workmen to cut

Notes to Chapter 5 589