In the extract I posted, the technology in question was from the 1920s and the charge came from Fortune magazine, writing only a few decades after the formation of U.S. Steel. Under Carnegie, new technology came at a furious pace, so much so that Morgan and others wanted to buy out Carnegie who was undermining the value of their invested assets. At one point, he destroyed an unfinished factory because he had just learnt of a better technology. Under U.S. Steel, innovation more or less ceased. Some of the Youngstown plants shut down in the early 70s predated World War I. My point was that the company ceased to have a productionist mentality and adopted a more banker-like mentality. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 916-898-5321 E-Mail [EMAIL PROTECTED]
