Absentee Ownership and Business Enterprise in Recent Times: The Case of America
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domestic concerns. The exigencies of external politics are paramount, and the conduct of internal affairs therefore are, in effect, re quired to conform to the needs of the nation's external policies. And the administration of external politics, be ing in the nature of an enterprise in chicane and coercion, is necessarily furtive, runs forever on sharp practice, care fully withholds "information that might be useful to the enemy," and habitually gives out information with intent to deceive.
innovations were made in the nature of the processes commonly employed. The advance of the industrial arts in that time, although very substantial, consisted mainly in the further elaboration and refinement of the mechanical processes which were al ready in use, and the more extensive and diversified use of materials already in familiar use. Electricity, pe troleum, and rubber had no share in industry then, and even that extensive use of structural iron and steel that has characterised
resources as coal, oil, or the ores, the business of exploitation has at the outset commonly been competitive in a pro nounced degree; that is, the owners have competed in the market by speeding up the output and underbidding the price. on The result has been low prices for the time being, and a rapid exhaustion, with waste, of the natural supply. Presently, as the holdings have been drawn to gether into the ownership of a smaller and more man-· ageable number of absentee
advertiser of the copyright brand which appears on the label. Prices, and margins, are made for the retailers, which they can take or leave. But leaving, in this connection, will commonly mean leaving the business-which is not included in the premises. The bankers work by affiliation with and under surveillance of their correspondents in the sub-centers of credit, who are similarly tied in under the credit routine of the asso ciated banking houses in the great centers. And the clothiers
sovereign rights of absentee ownership are stirring the popular sentiment and engaging the attention of the officials with an ever in creasing urgency. These issues are the substance of all those desperate perp lexities that beset the constituted authorities and they underlie all those dissensions that continually trouble the nation's industry and business. With the result that popular attention and sentiment are 3 Absentee Ownership 4 gathering about the issues of absentee ownership