Socializing Capital —— The Rise of the Large Industrial Corporation in America

The rise of huge industrial corporations after 1890 is a fascinating story fraught with implications for our view of modern American capitalism. The prevailing view is that large corporations, like them or not, arose as an efficient response to the demands of markets and technologies. "Socializing Capital" takes issue with this claim. It argues that corporations arose because of contingent historical factors, such as changes in corporate law. Corporations came to dominate the landscape because of their economic power, not their efficiency. Re-examining the dogmas that surround free markets is one of the most urgent tasks facing social science today. Unfortunately, "Socializing Capital" will turn off most readers. It's repetitive, drenched in sociological jargon, and too quick to editorialize against the sins of corporations. It almost completely ignores the rise of industrial corporations in other countries, which suggests that factors deeper than sheer historical accidents were at work. Worst of all, the author seems more intent on scoring points off of competing schools and scholars then in telling a story gracefully. I'd recommend the book only for specialists already familiar with the literature.

The rise of huge industrial corporations after 1890 is a fascinating story fraught with implications for our view of modern American capitalism. The prevailing view is that large corporations, like them or not, arose as an efficient response to the demands of markets and technologies. "Socializing Capital" takes issue with this claim. It argues that corporations arose because of contingent historical factors, such as changes in corporate law. Corporations came to dominate the landscape because of their economic power, not their efficiency. Re-examining the dogmas that surround free markets is one of the most urgent tasks facing social science today. Unfortunately, "Socializing Capital" will turn off most readers. It's repetitive, drenched in sociological jargon, and too quick to editorialize against the sins of corporations. It almost completely ignores the rise of industrial corporations in other countries, which suggests that factors deeper than sheer historical accidents were at work. Worst of all, the author seems more intent on scoring points off of competing schools and scholars then in telling a story gracefully. I'd recommend the book only for specialists already familiar with the literature.