The Process of Industrial Concentration

Arthur Robert Burns

The Quarterly Journal of Economics, 1933, vol. 47, issue 2, 277-311

Abstract: The nature of the process of concentration, 277.— The changing relative importance of different influences making for concentration and the various means of effecting concentration, 278.— I. The effect of each method of concentration upon the efficiency of production, 282. — (A) Effect when aimed at securing economies of production from operation on a larger scale, 282.— (1) Price cutting, 282.— (2) Expenditure aimed at increasing sales, 285.— (3) Mergers, 287.— (4) Price and output agreements, 292.— Price leadership, 292.— (B) Effect when aimed at securing market control, 292.— (1) Price cutting, 292.— (2) Expenditure aimed at increasing sales, 294.— (3) Mergers, 294.— (4) Price and output agreements, 294.— (5) Price leadership, 294.— Difference between effects of concentration to secure monopoly profits and concentration to avoid abnormally low profits, 295.— II. The effect of each method of concentration upon the distribution of gains and losses resulting from economic change, 297.— (A) Effect when concentration is aimed at economies of production, 297.— (B) Effect when aimed at market control, 299.— III. The problem of social control, 303.— Control has in the main rested upon judgment of the motives to concentration, 303. — This policy is unsatisfactory because of difficulty of application, 307.— And because it influences mainly the forms of concentration, 307.— The ultimate consequences of concentration are the most satisfactory basis for social control, 309.— Control upon such a basis will give prominence to very fundamental problems which must be faced, 309.

Date: 1933
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