ECON 2200 Lecture Notes - Lecture 16: Deflation, Fractional-Reserve Banking, Federal Trade Commission
16 Dec 2016
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The government"s response: antitrust legislation & judicial interpretation. ***please cover on your own p. 316-319, including: The sherman antitrust act (1890: judicial interpretation (supreme court cases) & the 2nd merger wave, standard oil case; american tobacco case; us steel case. Clayton act (1914) & the federal trade commission (ftc) Carnegie article questions: he was among the first in the iron/steel industry to make use of accounting. A lot of what he learned from accounting had to do with cost. He was more interested in average per unit cost rather than fixed cost: three notable innovations: introduces chemistry into blast furnace, modern management practices, and modern marketing practices. Wanted to employ chemists to study what was going on in the blast furnace to figure out how to get the steel, which was what he wanted. He also wanted to know what was the best ore to use with steel.
