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American Sugar KingdomThe Plantation Economy of the Spanish Caribbean, 1898-1934$
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Cesar J. Ayala

Print publication date: 1999

Print ISBN-13: 9780807847886

Published to North Carolina Scholarship Online: July 2014

DOI: 10.5149/9780807867976_ayala

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The Horizontal Consolidation of the U.S. Sugar Refining Industry

The Horizontal Consolidation of the U.S. Sugar Refining Industry

(p.23) 2 The Horizontal Consolidation of the U.S. Sugar Refining Industry
American Sugar Kingdom

César J. Ayala

University of North Carolina Press

This chapter discusses the invasion of Cuba and Puerto Rico and how it took place at a time when capitalist enterprise in the United States was undergoing a momentous transformation into its modern, corporate structure. The wave of mergers and consolidations of 1898–1904 firmly established the limited liability, joint stock corporation with the ability to hold the stock of other corporations as the essential unit of capitalist industrial enterprise in the United States. While the corporate form and a market for securities had existed in railroads since the 1870s, the transformation of industry and the development of a market for industrial securities took place essentially after 1898. Thus the emergence of the United States as an imperial power in the Caribbean coincided with a historical transformation in the structure of capitalist property.

Keywords:   Cuba, Puerto Rico, capitalist enterprise, United States, corporate structure

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