Can Technology Change Too Fast?
Three incidents brought the topic of this paper to my attention. The first is the hundredth anniversary of my (deceased) father’s birth in August 1883. In the 1920s, my father founded a very successful enterprise that manufactured windshield wipers and other automobile supplies. In the early 1930s, General Motors began to market its cars fully equipped. As a result, our family sustained major economic and social losses. We were only partly salvaged by the Second World War.
KeywordsTechnology Change Productive Structure Vertical Integration Price System Excess Capacity
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