“Economics of Corporations” was a course open to both undergraduate and graduate students at Harvard taught by William Z. Ripley. Judging from the common course number, instructor, and size of enrollment, it appears to have been regarded as the second course of a sequence that included “Economics of Transportation”. The course announcement, enrollment figures, and the final examination questions come from three different sources, all of which are available on-line. Over the next few weeks, I’ll be posting corresponding material from the twenty economics courses offered during the 1914-15 year for which the final examination questions had been printed and subsequently published.
Readings for the course are most likely found in Trusts, Pools and Corporations (revised edition, 1916), edited with an introduction by William Z. Ripley. From the series of Volumes Selections and Documents in Economics, edited by William Z. Ripley published by Ginn and Company, Boston.
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Course Announcement
Economics 4b. Economics of Corporations. Half-course (second half-year). Tu., Th., Sat., at 11. Professor Ripley, assisted by —.
This course will treat of the fiscal and industrial organization of capital, especially in the corporate form. The principal topic considered will be industrial combination and the so-called trust problem. This will be broadly discussed, with comparative study of conditions in the United States and Europe. The development of corporate enterprise, promotion, and financing, accounting, liability of directors and underwriters, will be described, not in their legal but in their economic aspects; and the effects of industrial combination upon efficiency, profits, wages, prices, the development of export trade, and international competition will be considered in turn. [pp. 64-65]
Source: Division of History, Government, and Economics 1914-15. Official Register of Harvard University, Vol. XI, No. 1, Part 14 (May 19, 1914).
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Course Enrollment
[Economics] 4b 2hf. Professor Ripley, assisted by Mr. Tosdal.—Economics of Corporations.
Total 156: 8 Graduates, 46 Seniors, 88 Juniors, 6 Sophomores, 8 Others.
Source: Report of the President of Harvard College, 1914-15, p. 59.
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Final Examination
ECONOMICS 4b
Answer in order or leave blank spaces.
- What is the real significance of the industrial experience of the International Harvester Co.?
- State the advantages and defects of ” friendly ” receiverships as distinct from the ordinary type.
- What are some of the trade practices which have been definitely condemned at Common Law, as distinct from statutory enactment?
- Haney proposes more than a dozen specific changes on corporation law to improve the prevailing practice. Name, without describing, as many as possible.
- What are the powers of the new Federal Trade Commission?
- Discuss the proposition that price cutting is in the interest of the consuming public.
- Contrast arrangements like the American Wire Nail pool and the German Potash syndicate as respects structure and operation.
[The parallel column method of comparison is suggested.] - Have the general movements of prices for railroad and industrial securities been closely similar or not? Outline the reasons for your answer.
- Why are interlocking directorates now regulated by Federal authority? What abuse is it sought to prevent?
Source: Harvard University Examinations. Papers Set for Final Examinations in History, History of Science, Government, Economics, Philosophy, Psychology, Social Ethics, Education, Fine Arts, Music in Harvard College. June 1915, p. 48.
Image Source: William Z. Ripley in Harvard Class Album, 1915.