Word: subcontracting
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Dates: during 1950-1959
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...first capital consisted of $600 in cash, a dozen wheelbarrows, a few horses, some picks and shovels. The company's first job-a $14,000 subcontract to build a pumping station on the Snake River-brought only a tiny profit. The prime contractor and the promoter got into a court fight, and M-K was caught in the middle. Morrison ruefully recalls: "You can't make money out of lawsuits...
...committee had looked more closely at arms production it might have held its scolding tongue. Big companies get the bulk of prime contracts because they alone have the facilities to turn out such big items as bombers, ship generators and half-tracks. But they subcontract their orders to thousands of small businessmen. Examples: Lockheed Aircraft Corp. has signed up 4,000 firms, of which 2,835 are small businesses (fewer than 500 workers) ; General Motors Corp.'s normal list of 12,500 suppliers will soon be swelled to 19,000 by subcontracting...