The impending crisis : $b conditions resulting from the concentration of wealth in the United StatesBouroff, Basil A.
History
The impending crisis : $b conditions resulting from the concentration of wealth in the United States
Bouroff, Basil A.
Trusts, Industrial; United States -- Economic conditions; Wealth
“The value of the total product of these 30 industries in 1880 was
$3,125,915,574, or 58 per cent of the total manufacturing products of
the country. In 1890 these same industries produced products to the
value of $4,595,804,626, or about 51 per cent of the total product.
“The concentration of capital in these 30 industries is shown from the
fact that in 1880 their total capital was $1,735,577,540, or an average
of $20,489 per establishment, while in 1890 their total capital reached
$3,468,277,249, or $49,789 per establishment, a gain of 143 per cent in
10 years. There has been a similar concentration of employees in these
industries. In 1880 the 84,708 establishments used 1,340,490 employees,
or an average of 16 to an establishment. In 1890 there were 1,964,232
employees in these industries, or an average of 28 to an
establishment.”[135]
This is a separate and an additional item of the concentration of wealth
which undoubtedly continued—from 1890 to 1897—to farther aggravate the
general situation, shown by the grand total of the net incomes in favor
of monopolies, on p. 150, beside the uncertain ones.
For the 30 different industries, taken out of the 43, have perhaps
forever supplanted 15,049 factories and other establishments in ten
years. During the same time the supplanters did much more than double
their own capital. In fact the increase in the capital of these
supplanters reached the amount of $1,732,699,709 over the capital they
had in 1880.
But, if Mr. Waldron would investigate the same facts in the total number
of industries, he could probably show us that the supplanting of
different establishments reached at least 21,586, and that the increase
of capital reached over two billion dollars’ worth with the fewer
supplanters. That is, if the above rate of concentration of the capital
were the same, as it must have been, throughout the industrial
operations in the entire country.
And while there was also the concentration of the employees, we know
that, with the astonishing increase of the capital in favor of the
supplanting trusts, the wages of these employees have fallen,[136]
notwithstanding that their highly productive labor enormously increased
the capital of the fewer employers.
As regards the fall of wages in all the manufacturing industries since
1890, it will not be out of place to state here the minimum injury
thereby sustained by the employees in the seven years under our
consideration.
Public-domain text, read in full here on John Shaqi.
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