Skip to main content

Bethlehem Steel

One dour morning early this March, I had to drive to eastern Pennsylvania. I’d heard that a patch of the sometime-steel town of Bethlehem had been spruced up and was now a bower of post-industrial charm, so, after my errand, I made a detour and headed over to see it.

When the government manipulated and misused the robber barons

Economists from Adam Smith on have written about the evils and dislocations that monopolies bring to an economy. What has been much less written about over the years, however, are the evils of monopsony.

Enjoy our work? Help us keep going.

Now in its 75th year, American Heritage relies on contributions from readers like you to survive. You can support this magazine of trusted historical writing and the volunteers that sustain it by donating today.

Donate