From radicalism to complacency: Henry W. Macrosty’s evolving views on industrial concentration

In a series of works dating from 1899 to 1907, mostly authored on behalf of the Fabian Society, economist and statistician Henry W. Macrosty dealt with a crucial economic issue of the time, the rising concentration and spread of combinations in British industry. His analysis was quite original, disregarding the then-dominant Marshallian views and, at least initially, endorsing a radical proposal for the nationalization of monopolies. While eventually converging to more moderate positions, Macrosty pioneered several new ideas, including the first systematic use of the distinction between vertical and horizontal integration.