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  5. 100 Years of Rising Corporate Concentration

100 Years of Rising Corporate Concentration

  • Spencer Y. Kwon
  • Yueran Ma
  • Kaspar Zimmermann
American Economic Review (Forthcoming)

Abstract

We collect data on the size distribution of U.S. businesses for 100 years, and use these data to estimate the concentration of production (e.g., asset share or sales share of top businesses). The data show that concentration has increased persistently over the past century. Rising concentration was stronger in manufacturing and mining before the 1970s, and stronger in services, retail, and wholesale after the 1970s. The results are robust to different measurement methods and consistent across different historical sources. Our findings suggest that large firms have become more important in the U.S. economy for a long period of time.

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