ABSTRACT
Dr. Ronald H. Coase was born in England in 1910. During the academic year of 1931 to 1932, he came to the U.S. on a traveling scholarship to study the structure of American industries. Coase was a socialist at the time and sought to understand capitalism. He visited Ford and General Motors. Coase came up with a puzzle: how could economists say that Lenin was wrong in thinking the Russian economy could be run like one big factory, when some very large firms in the U.S. seemed to be run very well?
