Research into the organization of the firm typically contrasts family businesses with impersonal corporate structures, and kinship ties among corporate elites are often associated with inefficiency and corruption. This analysis of over 14,000 equity investors and executive officers finds that familial networks were embedded in early corporations, not just among directors but also among small shareholders in the firm. Related investing was especially prominent among women and other relatively disadvantaged groups. Personal ties in newer, riskier enterprises encouraged capital mobilization in emerging ventures and persistence in shareholding, and related investing was significantly associated with lower risk of corporate bank failures. The results support a more positive view of family networks in business organizations and in overall economic development.

Charles M. Schwab's aggressive and innovative leadership of Bethlehem Steel early in this century made that firm a success. To some extent, however, the growth of Bethlehem was made possible by the conservative strategy of E. H. Gary's giant U.S. Steel. The dominant firm's willingness to tolerate the loss of a portion of its sales to smaller rivals made their survival and expansion easier than would have been the case in a more vigorously competitive environment.

The story of George Gunton is that of an astonishingly accurate economic prophet whose viewpoints have found wide acceptance a half-century after they were enunciated. Gunton is shown in this article not as a paid defender of big business but as an apostle of compromise, standing in the No Man's Land of a vast battleground. With equal fervor Gunton declared, “It is our industries that make us great,” but that laborers' wages were “as elastic as human wants … capable of as much expansion as the social character of man.” His numerous commentaries are a lucid clue to the relative importance of contemporary issues, and those commentaries are enhanced by Gunton's instinctive sense of history. Out of the confusion of contradictory evidence recorded at the Chicago Conference on Trusts, before the Industrial Commission, and elsewhere on the business and political stage Gunton framed his thesis of the essential interdependence of big business and organized labor. His convictions were, in total, unique, and his judgment and reconciliation of conflicting viewpoints have meaning and utility today.

As part of its centennial celebration, Harris commissioned a historical survey of the 1994 list of Fortune 500 companies, inquiring as to when they were founded and what their initial names, products, or services were. Harris then sent this list to several historians, including Professor Alfred D. Chandler, Jr. and the editor of this Review. We believe the Harris compilation to be a potentially valuable research tool. We are pleased to present it here, along with the following brief introduction, which is a composite of observations by the Harris researchers, Professor Chandler, and the Editor and Assistant Editor of the Review.

When the United States entered World War I, economic interest groups were far better developed and vocal than they had been at the beginning of the Progressive era. Resolving differing views of equitable policy as entertained by these groups resulted in government economic planning for prosecution of the war effort that, so far from being expertly organized and scientific, was confused and ad hoc. Further dramatic proof of this generalization is provided by Professor Guth in his essay on the marketing of fluid milk and its surplus during the war emergency. Producers had been moving towards marketing cooperatives, with all the risk of violation of antitrust laws that entailed. Much of the volume of milk sales had become concentrated in the previous three decades in a few large dealers who were economically strong, especially in the major milksheds. And a new force, the consumer groups, emerged to try the patience of all concerned with orderly marketing of milk in a time of rising production costs, including Herbert Hoover and his subordinates in and around the Food Administration. Quickly dismantled after the Armistice, the mechanisms they worked out nevertheless became the foundation for massive intervention in a highly demoralized industry after 1933.

Just as the colonial trade created commercial elites in Spain, so, too, did businessmen rise to economic and social importance in the New World. In Central America, for example, the marketers of indigo played an especially significant role.

The Revisionist trend in American business history has been shaped by values, premises, logic, and procedure that bear certain striking similarities to Marxism, most clearly seen in the Revisionists' acceptance of the inevitability of abuse in capital accumulation.

A case study of two ventures undertaken by a Belgian company in Russia focuses upon several of the major problems experienced by foreign entrepreneurs under the Czars at the turn of the century.

On October 27–28, 1961, the Harvard Business History Group sponsored a conference devoted to the theme “Business History as a Teaching Challenge.” The purpose was simple enough — get experienced, active practitioners in business history together with newcomers to the field in the expectation that interaction between the two groups would be mutually beneficial. This hope was realized, though the specific results were somewhat different — and perhaps more valuable — than those originally anticipated. The 50 participants found themselves more involved with a discussion of the appropriate subject matter of business history, past accomplishments, and future possibilities, than with current teaching problems and techniques. This development was not totally unanticipated, but the enthusiasm with which it was embraced came as a pleasant surprise. It therefore seems appropriate to precede the papers given at the conference with a brief summary of the present status and future prospects of business history in the light of the discussion and the written comments later submitted by participants.

Of the innumerable types of business enterprise that flourished in nineteenth-century America, none was more important than the railroads. For the first time in the national experience they provided relatively cheap, dependable transportation into the heartland and created a national market that prompted the growth of so many other aspects of national endeavor. As railroad leaders built what became America's first big business, they also developed a new self-image and with it a vocabulary drawn from their conception of competition as war. It is this new self-image and the lexicon that went with it that form the subject of this article by James A. Ward.

The nature and application of Europe's first supranational antitrust law are the subjects of Professor Schmitt's analysis. The problems and policies regarding mergers and combinations experienced during the first six years of ECSC are of particular importance in the study of the evolution of international government-business relationships.

Historians of the Progressive Era have recently focused much attention on the role played by businessmen in the reform legislation of that period. Mr. Blackford's study considers this topic in the case of a significant portion of the California business community.

In the early days of the Republic, opposition to a national bank derived from fear, ignorance, and a basic cleavage of prophecy. To many persons banks were synonymous with speculation; others viewed them as “aristocratic engines” designed to advance the interests of the few over those of the many. Most important, however, was the discrepancy of viewpoints between those who envisaged an agricultural nation and those who already sensed the embryonic stirrings of a vast industrial economy. To the htter, a strong central bank seemed indispensable. The struggle to establish the First Bank of the United States emphasized the rural-urban cleavage that was to influence much nineteenth-century history. It was also a conspicuous early recourse to implied Constitutional powers, anathema to States' Rights defenders and a great hope of businessmen in a still feeble nation.