The leaders of the large firms dominated by the manufacturing conception saw the key problem as low prices. This meant that they were intent on controlling prices by cutting production. But once prices were stabilized, they were cautious about increasing production for fear that prices would again collapse. Since their competitors had roughly equal production capacities and costs, all would lose by too rapid an increase in production. (Neil Fligstein)

The leaders of the large firms dominated by the manufacturing conception saw the key problem as low prices. This meant that they were intent on controlling prices by cutting production. But once prices were stabilized, they were cautious about increasing production for fear that prices would again collapse. Since their competitors had roughly equal production capacities and costs, all would lose by too rapid an increase in production.

Neil Fligstein

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