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View Diary: The end of neoliberalism from General Electric (23 comments)

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  •  okay, but see also... (1+ / 0-)
    Recommended by:
    citizen k

    the wonderful "Morgan: American Financier" by Jean Strause.

    The book recounts the role of Morgan in the merger of Edison General Electric and Thomson-Houston in 1892, creating General Electric (removing Edison's name from the company).

    Both Morgan and Edison were on the original Board of Directors: Edison left quickly, while Morgan remained.

    Edison was essentially forced out by Charles A Coffin, and his ally Morgan.

    •  nothing more traditional (0+ / 0-)

      than a banker stealing a company away from the entrepreneur.

      Book sounds good. Here's a good Morgan story

      By the middle of October, factories and homes across the country began running low of coal, and prices shot up. With the election and cold winter coming, the strike became a national issue. McKinley and his running mate, the New York governor, Theodore Roosevelt, were running on the theme of American prosperity. Their slogan was "A Full Dinner Pail" for the American worker.

      This strike could trigger a depression and swing the election to Bryan. Bryan began hitting on the underlying issue of the strike: Who owns America? The people or the plutocrats? Then, when the press started to report the strike sympathetically, McKinley had to do something.

      So he sent his friend and political manager, Mark Hanna, to meet with the mine owners. When they refused to budge, he went over their heads to J.P. Morgan, and Morgan got them to agree to a 10% wage increase. But they would not accept union recognition. That's about all Mitchell thought he could get however, for the miners were starving and soon would be forced to return to work.

      The strike was over. McKinley won the election. Morgan was pleased. Mitchell knew that a bigger battle was ahead, as the company began stockpiling coal in preparation for the coming fight over union recognition.

      •  Biographer Jean Strouse (corrected spelling)... (0+ / 0-)

        endured some criticism for being too easy on the vicious old pirate Morgan, but the book is really fascinating.

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