The American Corporation: Ideology and Reality
Seligman, Ben B.
Power, like energy, must be regarded as continually passing from any one of its forms into any other, and it should be the business of social science to seek the laws of such transf...
...A share of stock did not give its holder a right to an aliquot portion of physical assets: it only entitled him to some part of the corporate income, provided the managers were willing to part with it...
...Consequently, there is no need to search for some external principle to justify control, as Eells does in so painful a manner...
...It gave a man a base from which to speak his piece, a base that was not dominated by either church or state...
...But, of course, the cost of production could be reduced if satisfaction were available at a low level of inducement: more familiarly, how nice to have lower rates of pay...
...By stressing common goals for managers, workers, suppliers, stockholders, consumers—anyone who had anything to do with the corporation—the objectives of the archon become the objectives of all...
...And how right Adolph Berle was when he said that modern capitalism is no longer a system of property relationships, but one rather in which the exercise of power without property is the dominant feature...
...This by no means suggests a return to finance capitalism...
...Industrial mergers in America came in periodic waves, the first around the turn of the century...
...The stockholders—allegedly the legal owners—really have little to say about what goes on...
...it meant independence...
...Standard Oil of New Jersey—assets $10.5 billion, sales $9.3 billion...
...the other must buy what is available...
...In reality, the consumer has long since lost his sovereignty and his supposed capacity to influence the social and economic order...
...The sense of "togetherness" in the plant that the soft sell may create seems to offer just the right mood to frustrate the efforts of the union organizer...
...Galbraith has said that only oligopoly—an ugly technical word meaning big business —has been best able to use the unmatched technology with which we have been blessed...
...The fundamental issue of control is dissipated in a haze of doubt...
...archon's power...
...The shocked recognition of this seems to have been upsetting to some managerial elites...
...This is then advanced by furious advertising campaigns...
...The corporation is seen as a social analogue to the computer...
...the humans themselves must be converted into carefully regulated units of a rigidly defined hierarchy...
...Its legal personality assured by the 14th Amendment and the courts, the corporation lent protective coloration to American industry...
...The elementary fact is that more giants than ever are inhabiting the economic landscape...
...and if one looks at applied research, 75 per cent of the activity is found in the corporation...
...Nor do the voting rights given to future pensioners in similar arrangements in Standard Oil, Union Carbide, or the Celanese Corporation affect the continuing control of managerial insiders, for there would have to be some unity of purpose and some sort of bloc voting for a real change to take place...
...Here producer and consumer are revealed as unequal antagonists...
...they are mainly workers and suppliers...
...Lilienthal argued for bigger and better bigness...
...though as propertyless as anyone else, they do possess power and can exercise choice...
...Now, it is true that organization theorists are not necessarily liable for the uses to which their scientific ideas are put by corporate ideologues...
...But such a version of business democracy sharply clashes with the concession that power is rationalized in post hoc fashion...
...One possesses unbounded economic horizons...
...These writers, e.g., Kenneth Boulding and Herbert A. Simon, insist that their over arching concern is with scientific objectivity, but their ideas can be used effectively to rationalize functioning of the corporation...
...Administered prices can be justified by such notable objectives as "desirable levels of internal efficiency...
...Communication is preferred to command...
...The same few corporations supplied the bulk of the economy's jobs and contributed about 55 per cent of total national income and almost 70 per cent of national income originating in business...
...Eells, of course, is too astute not to recognize that corporate power must be made to seem legitimate, but his insistence that this requires a "constitution" cannot be validated by parallels with the democratic state, since the corporation hardly can be said to derive its powers from a principle of consent...
...One is a paragon of efficiency...
...Since then, virtually every major enterprise has experienced one or more of these economic fusions...
...Sometimes a seemingly genuine contest for internal control develops...
...It was also evident that the executives had rather small shareholdings in the corporations over which they held sway...
...Yet the bitter-end resistance of the big chain stores to the extension of the federal minimum wage law to retail clerks in 1961 suggests how well executives have learned to live with the welfare state...
...Obviously, this is an important management goal and if organization theory can show the way, so much the better...
...it] must be accomplished under the auspices of competent and efficient business leadership...
...ing for a while in banker-imposed rule...
...To be sure, one of the chief attractions was limited liability, restricting the financial responsibility of the "owners" solely to their equity holdings...
...Today, it is the paid professional who gov - erns the corporation...
...But the major unintended consequence was to transfer the idea of property from things to pieces of paper...
...He thus has sufficient reason to welcome the control provided by the modern corporation...
...The outcome is to say a corporation does what it does...
...A more elaborate version of this sort of thinking has been developed in recent years by the so-called organization theorists...
...And if one possessed a share in a holding company, an organization whose assets were merely shares of other corporations, what part of the underlying enterprises did one then own...
...maximum profit for stockholders, to the more recent multiple demands of numerous contributor-claimant groups, including the claims of the "general public...
...The corporate collective now stands as the perfect paradigm for the domicile of an emmet...
...The refined logic has by no means dispelled the aroma of those value judgments that stress harmony and corporate cooperation...
...Minority control was most typical in more than half of the cases studied by Gordon, while stock dispersion was so widespread in another 34 per cent of the cases, that management was able to do quite as it pleased...
...The passive nature of the stockholder, then, allows control to be seized by a managerial corps...
...Mabel Newcomer's The Big Business Executive (1955) not only verified Gor...
...That this constitutes private taxing power, as both David Bazelon and Michael Reagan have demonstrated, is simply ignored...
...To be sure, a fair amount of industrial innovation does today appear as the product of the corporate milieu...
...Incorporation became an inalienable right, requiring but three names and a modest fee to obtain a charter...
...Professional proxy gatherers worked like block captains bringing in the vote, while the candidates made grandiloquent speeches...
...Those who bear responsibility for corporate decision making, Eells tells us, can not be identified...
...How else is one to explain the new corporate literature...
...If assets are considered, Fortune's leading corporations, both financial and nonfinancial, may be said to hold perhaps a fourth of the nation's total wealth...
...The governed rather are the direct participants in the economic and industrial activities dominated by the corporation...
...While only 6 per cent of the corporations reporting to the Internal Revenue Service in 1959 had assets worth over a million dollars, they did account for 70 per cent of corporate receipts...
...it provided a means of earning a living...
...Yet sheer power has seemed an inadequate base for the illusion of rationality, and so writers on corporations, Eells included, have employed such notions as the principle of balance: the function of the manager, it has been said, is to weigh the contending claims of stockholder, supplier, union, government, and competitor and to parcel out justice to all...
...Even the 5 or 6 per cent of stock owners who hold the bulk of outstanding shares are too many to effectively manage a corporation, for they still number over a million persons...
...The very diffusion of stockholdings makes government in the usual sense impossible...
...To hell with the stockholders...
...Wages and interest are no longer the outcome of social struggles, as in Ricardo or Marx, but rather "inducements" to complete tasks...
...They know that they dispose of vast financial resources and that the economic health of workers, stockholders, and suppliers—as well as entire communities—depends on their decisions...
...Here then is the new ideology...
...More and more, the small businessman finds it difficult to stay alive: the share of sales made by corporations with assets under $1 million has been declining steadily since the war—from 19 per cent in 1947 to 13 per cent in 1955...
...But there are still enough executives around who know that the notions of governance, responsibility, and the corporate soul can be over done...
...In only 20 per cent of the companies studied, did management hold more than 10 per cent of voting stock...
...The likelihood of this ever occurring is dim...
...In almost all instances, as Robert Tilove has shown, those who run the "financial intermediaries" usually transmit their proxies to incumbent managements without question...
...Now, this seems to be a truer picture of corporate decision making, for it is self-determined in a manner that locates responsibility in a directorate accountable only to itself...
...Not only must the productive process be rationalized and centrally directed...
...In reality, the stockholders did not own the things that comprised the corporation...
...All told, there are some 50 names on the billion dollar nonfinancial corporate list for 1961...
...Here countervailing power is utterly absent...
...Yet, within three decades of the Constitution's adoption, the corporation had won...
...a rising, buoyant securities market made practicable larger and larger units of business enterprise...
...the other a backward practitioner in the art of spending money...
...And contrary to John Kenneth Galbraith's belief, such countervailance is not always forthcoming: as in the case of the electrical conspiracy, "countervailance" often occurs after the damage has been done—if at all...
...ment credit, suffers from serious economic disability...
...In fact, most stockholders willingly turned their votes over to incumbent managers through the device of the proxy...
...Incidentally, Ford, who has often spoken sternly about corporate men who undermine public confidence, sat stone-faced at a General Electric stockholders' meeting while Cordiner heroically sought to explain away his company's anti-trust conviction...
...Frequently, the rhetoric from which these notions were drawn exhibited a defensive and sanctimonious tone...
...Corporate oligarchs have also called into play the behavioral sciences...
...As Bertrand Russell once said: "Where no social institution .. . exists to limit the number of men to whom power is possible, those who most desire power are, broadly speaking those most likely to acquire it...
...It is the huge, sprawling business bureaucracies whose decision makers really move the economy...
...One can build new plants in the suburbs...
...And in fact, it is technically difficult to impose a proper exercise of the corporate franchise...
...Management, says Moore, is in a "moral crisis...
...Now, there are tens of thousands of these "institutions" inhabiting the economic landscape, as the Wall Street Journal never tires of saying, yet only a few seriously affect society and the economy...
...A major theme in this new ideology has been responsibility...
...The battles for control of the New York Central Railroad, Montgomery Ward and the Bank of America all looked like political campaigns, with promises of reform, declarations of new deals and new frontiers and invective against adversaries...
...In this company, the nation's largest mercantile enterprise, 70 per cent of a $750 million pension fund accumulated since 1916 is invested in Sears' stock, giving the fund more than a fourth of the outstanding shares...
...The corporation's very size and its impact on the economy, we were told, willy-nilly enforced proper standards of social conduct...
...one gets answers ranging all the way from...
...As to the second term, responsibility to "whom" raises arguable issues about the relative positions of various groups of claimants...
...create power for the purpose in hand and [then] seek to legitimate the necessary decisions...
...Sales for this group totalled $337.7 billion or 65 per cent of GNP...
...Institutional investors have not yet undertaken proxy contests...
...This could be done because in jurisprudence the corporation became a being, individual and immortal, and presumably able to manage its affairs as a collective entity and to clothe the spirit of man for all time...
...These writings—from the work of Mary Parker Follett and Chester Barnard to James March and Herbert A. Simon—offer the corporate archon a more suitable ideology...
...The literature's purpose is largely to deflect criticism...
...Surely the manner in which the automobile companies all too often have abused their dealers is a better measure of the "balance" managerial elites have had in mind...
...Berle celebrated the soul of the corporation...
...But all this was too abstruse...
...Yet this seemingly persuasive argument stumbles over the fact that about half the important inventions affecting consumer goods since 1900 have come from the brows of independent researchers working without benefit of a corporate laboratory...
...It is here that one must begin to talk of democracy in the corporation...
...With such formulations, organization theory comes close to apologetics...
...But how meaningful is this vast industrial research, amounting to almost $8 billion...
...The new managers also have obliterated the traditional family capitalism of the 19th century...
...Control and expertise are sufficient to legitimate the uses of power...
...Ford—assets $5.1 billion, sales $6.7 billion...
...In virtually all instances the motives were purely financial...
...The manager himself, of course, was only a professional, like the 19th-century British Colonial officer: he possessed certain skills and placed them at the disposal of the...
...As a result the oligarchs at the top have successfully disenfranchised the mass of stockholders and unless restrained by the countervailing power of a labor union or government agency, are able to injure workers, suppliers and customers...
...One invests in the latest physical equipment...
...It was transformed into an institution unto itself, in no way responsible to the shareholder...
...Thus, a study of the psychology of rodents can help the manager to manipulate workers to respond properly to appropriate stimuli...
...As to the fourth term...
...The fact is that those who benefit from corporate affairs are those who shape corporate policy...
...As the corporation grew and expanded, no one was quite certain who owned what...
...Today few persons are able to select alternatives to the estrangement that contemporary economic and political drives impose...
...And it was amazing how many came away convinced, at least until General Electric, Westinghouse, and few others stubbed their toes over antitrust...
...To suggest that directors secure their authority from stockholders, or "from society generally," is otiose...
...To Schumpeter, the "creative destruction" practiced by large enterprise acts as a stabilizer for the economy, in that it assures a proper return for a sizeable capital outlay...
...Aside from expenditures for defense—perhaps half the research and development outlay by corporations—much of it may be described as glorified waste, the use of scientific techniques for enhancing corporate gain...
...It blends the old paternalism with the new public relations...
...How did they get so big...
...Further, most stockowners are much too concerned with prices on the exchange to be genuinely interested in running a corporation...
...only the most elementary steps to identify ways and means have yet been taken...
...Loren Baritz has demonstrated in The Servants of Power (1960) how much of a fetish "leadership" notions have become among the corporate elite...
...True, he could vote at the annual meeting, if he got there, but any notion that this would lead to corporate democracy was rather silly, for scattered security holders, whose interest in actual operations was minimal, could exert no influence on internal corporate matters...
...True, most of the $30 billion or so of the stockholdings of these institutions are concentrated in a few hundred issues of the "blue chip" variety...
...In fact this is unlikely...
...Leadership" has become a major preoccupation in the public addresses of such archons of business as Ralph Cordiner, T. V. Houser, and Henry Ford II...
...Federal income tax depreciation rules have underpinned a good part of these savings...
...It was not until Senator Fulbright questioned this arrangement a few years ago, that employees were allowed to vote for "their" pension trustee...
...ies and the centralization of power...
...Eells has said quite plainly that knowledge of how a corporation works is a property right which does not demand stock ownership to justify its use...
...This often does more to rattle a Board of Directors than a threatened proxy fight.* Of course, managers frequently do own stock in their own corpo...
...Fields that were once a haven for small business, such as retailing and service, have been invaded by the giants...
...Clark had announced that by virtue of marginal productivity everyone in society received exactly what he earned, while Knight in his theory converted labor into capital, land into capital, and entrepreneurship into capital, so that in the end capital counted for everything...
...If the disagreement is sharp, the investor sells the stock anyway...
...It is at this point, in its relationships with the consumer and his family, that the malefic power of the corporation is most clearly exposed...
...Yet all too often the mood was shattered by such remarks as that of a burgeoning retail magnate who told a reporter some time ago: "We're not going to pay dividends...
...Loyalty and teamwork increases satisfaction, which enhances participation, which makes inducements larger, which raises the contribution of work, which reflects an increase in willingness, which leads to an acceptance of corporate goals, which implies loyalty...
...General Electric, for example, has long practiced through "Boulwareism" a no-nonsense policy that has enabled it to bypass the hundred-odd unions in its plants and virtually dictate bargain...
...It is indeed one's location in the corporate hierarchy that determines how power is exercised...
...The stress placed on manipulative techniques, for example, disguises such issues as the use of hierarchy in sustaining unequal income distribution...
...As a consequence, the nature of the political process in business has been reversed, a turnabout made entirely possible by the corporate proxy...
...Since the organization—in this case, the corporation—is a "cooperative system of human activity encompassing psychological, social, biologicaI and physical relations inherent in cooperative behavior," no deviation from the oligarch's norm should be permitted...
...The executive does indeed have a keen financial interest in his organization, even though he doesn't "own" it...
...But this in no way has disturbed the self-perpetuating character of the Sears oligarchy...
...All the small corporations and individual proprietorships and partnerships together do not have the impact on oul economic and social well-being that a relatively few large corporations have...
...Power in the corporation, consequently, has little if any relationship to property...
...Originally intended as an instrument of convenience for absentee stockholders, the proxy allowed management to perpetuate itself in office...
...The ideological bias involved in these concepts is obscured by an ostensibly neutral or scientific language...
...Although the government supplied 56 per cent of research and development monies from 1952 to 1956, 72 per cent of the work was done by private corporations...
...If they dislike what the latter are doing, the stock is simply sold on the exchange...
...Yet it is the consumer who is supposed to be the beneficiary of what the corporation does...
...their sales represent roughly 25 per cent of the gross national product...
...The National City Bank recently listed 56 large corporations with more than 50,000 stockholders each, and 27 with over 100,000 stockholders...
...The corporation, it was argued, must adapt itself so as to become a domesticated citizen in the contemporary polity...
...The archon discovered that really handsome profits might be garnered by selling and buying intangibles, a practice clearly stemming from the changing nature of property itself...
...Drucker turned his lamp on responsibility...
...It is on the latter that the community depends...
...The new outlook started a few years back with books by Adolph Berle, David Lilienthal, and Peter Drucker whose messages were promptly refurbished in Fortune...
...As C. P. Snow once said in another connection: "One of the most bizarre features of any industrial society in our time is that the cardinal choices [are] made by a handful of men...
...Traditionally, property implied a precise relationship to corporeal objects with an unimpeded right to use, dispose and bequeath real things...
...These men, typified by Roger Blough of U.S...
...One has vast financial resources at its command...
...But what is the reality of the corporation...
...vast clientele he always serves and sometimes leads...
...Besides, such political analogies are false, since shareholders are not the ones governed in a corporation...
...As Wilbert Moore remarked in his Conduct of the Corporation (1962), executives have become worried about the merit of their positions, the salaries they receive but perhaps do not deserve, and the fact that finally they are accountable to no one but themselves...
...In one study of 232 corporate directorates (New University Thought, Winter, 1962), 58 per cent of board members were classified as executives or former officers while financiers of one sort or another represented but 4.5 per cent and major stockholders less than 20 per cent...
...The solemnity with which these titanic struggles are conducted have all the attributes of a ritualistic dance in which the participants have no freedom to alter preordained motions...
...But finance capitalism was surprisingly short-lived, for the new managerial class discovered that with an adequate supply of funds stemming from accumulated profits they could get along quite well without Wall Street tutelage, especially when the corporation itself provided two-thirds of the saving required for investment...
...Sometimes, more direct devices are employed, as in the case of Sears, Roebuck...
...Many corporations were once owned by personal dynasties: this no longer is the case...
...the other, despite the availability of install...
...Such dominant corporations are becoming increasingly important...
...The stockholder seldom felt a sense of loyalty to the corporation, for he could always sever his connection by simply selling his shares...
...Saturated with the message of service, the exploration of "constitutionalism" in the corporation, for example, yet manifests enough buncombe to raise questions of dissimulation...
...Estranged from the sphere of production by technology, he has long since forgotten what property means, which itself has been attenuated to the point where it no longer has substance...
...Robert A. Gordon demonstrated in his Business Leadership in the Large Corporation (1945) that majority ownership was the least common mode of control in the larger nonfinancial enterprises...
...The truth is painfully reached when Eells concedes that corporate decision-makers often...
...The latter became less the capitalist and more the speculator whose concern likely was centered on prospective price rises on the stock exchange...
...Thus, despite some concentration in stock holdings, dispersion is sufficient to create a passive attitude...
...Air conditioning, automatic transmissions, cellophane, jet engines and the quickfreeze were among those that came from old-fashioned inventors or relatively small companies...
...As developed by John Locke and in the thinking of the colonists, property meant freedom...
...This seems adequate underpinning for the theme that as long as the corporation is successful, so will the rest of us be...
...The problem of power created within the confines of the corporation is dissipated, as it takes its benign and equal place alongside all other groups in society...
...the other frequently is unable to make proper provision for human capital...
...But three-fourths of the Federal Government's enormous outlay for research and development is paid to industry, with much of it directed toward military application...
...Power in the corporation is now antecedent to profit...
...The fact is that corporate charters are not determined by consensus and in the exercise of authority might does weigh more heavily than right...
...Each of the italicized terms is highly debatable today...
...As to the first term, the "who" in this formula may refer to board or executive group, or to both...
...This is the reality of the corporation—non-corporeal property, prox...
...One produces commodities of dubious quality...
...Might increased common stock purchases by financial intermediaries —banks, insurance companies, investment trusts, mutuals and pension funds—lead to a new kind of finance capitalism...
...His rule leads rather to a system of commands and internal sanctions which create a tightly-knit operational code...
...Sears Roebuck—assets $2.5 billion, sales $4.3 billion...
...rations, yet Gordon's data showed that all the members of his Boards of Directors plus all corporate officers held but about 2 per cent of the voting shares in their firms...
...Gains are extracted by virtue of strategic control of productive and pecuniary relations...
...This is enough to insure absolute control, particularly when the trustees of the fund are appointed by the Board of Directors of the company itself...
...Governance in the corporation, to use Richard Eells' term, is reflexive, that is, it turns inward...
...In supermarketing, for example, less than 10 per cent of the big chains take in 70 per cent of gross sales...
...when other stockholders try to rebel, he is apt to view their action as a peasants' revolt to be crushed...
...Boards of directors exercise power because no one else can...
...And here• in lies the reality of the corporation today...
...A certain amount of double counting is involved in this arithmetic, but it ought not to reduce the percentage too much...
...ing terms...
...The simplest way would be by an expansion of sales...
...Power, like energy, must be regarded as continually passing from any one of its forms into any other, and it should be the business of social science to seek the laws of such transf ormations.—BERTRAND RUSSELL In recent years, managerial elites have urgently sought to justify what it is they do...
...But this stems mainly from their search for safety and a good yield...
...The desire to merge and to dominate an industry enforced a turn to the capital markets, result...
...However, there is not only science but an ethic embedded in organization theory, an ethic that cannot be completely disguised by all the game theoretics and mathematical simulation employed by it...
...Most of them are found in the upper reaches of the corporation...
...As one economist put it...
...Steel, say that the purpose of business is business...
...And the choice they make frequently signifies disorganization for the great mass of men they seek to control...
...Here, for example, is Richard Eells, one of the more adroit purveyors of the new corporate ideology, writing in The Government of Corporations (1962): There is no agreement among corporation theorists as to the definition of terms in the chain of responsibility in corporate governance...
...Further, corporations are the fount of research and innovation...
...But this has seldom happened...
...The most common method for building an industrial empire has been the merger, a device by which business anacondas simply swallow their smaller rivals...
...It is enough to control an enterprise...
...One might broaden the picture somewhat by taking Fortune's 1962 elite list of 500 leading industrials and the top 50 firms in merchandising, transportation, and utilities...
...Information must flow through feedbacks to managerial control units...
...don's analysis but revealed that by 1952, corporate executives owned an even smaller proportion of their company's stock than was the case in the 1930's...
...dustries as appliances and autos it is conceived to be the most noteworthy scientific objective...
...Personality dynamics, social psychology and cultural patterns have become weapons in extracting more output from workers...
...Moreover, advertising and industrial research often are employed to make a perfectly good product obsolete...
...This does not mean that officers have no financial stake in their corporations, for 1 per cent of $200 million in outstanding shares is $2 million, and at a 5 per cent yield this brings a neat $100,000 per annum...
...And it justified Jeffersonian hostility to the corporation, for the latter had been in the main a Crown agent and carrier of special privilege...
...it is no longer a case, as in classical capitalism, of possessing power because a venture is profitable...
...In Michael Reagan's apt phrase, we have now a managed economy in which the central question is: for whom is the managing done...
...as to the third term...
...The older ideology, as reflected in the writings of such economists as John Bates Clark or Frank H. Knight, now seems inadequate...
...Democracy in the ordinary meaning of the word, would simply become chaos...
...Who is responsible to whom for what, and how is his responsibility to be enforced...
...He was a highly trained bureaucrat in the best sense, and cheerfully shared the world's burdens...
...Between 1947 and 1957 advertising out lays increased 145 per cent—from $4.2 billion to $10.3 billion, or equal to almost 4 per cent of consumer spending...
...A. T. Mason, the noted Princeton law professor, once gave away the whole show, when he said of the welfare state...
...Here are some of the giants: General Motors—assets $8.8 billion, sales $12 billion...
...the other must accept such services as the city may offer, and these are usually inadequate...
...In his words, a relatively small oligarchy of men out of the same milieu, dealing almost always only with each other, and possessing no ownership relation of any sort, represent the power center of the corporation...
...This is called "dynamic" obsolescence, and in such in...
...They stress the thumbscrew technique in dealing with unions...
...Obviously not for those subject to the * The Wall Street Journal recently reported several instances in which institutional investors voted against management proposals...
...The "moral crisis" in the corporation demanded a more supple theory, something not so dense as the Clark-Knight system of apologetics nor quite so rigid as Herbert Spencer's Social Darwinism...
...Much research goes into fancy package design raising the cost of an item and intended primarily to carve out a little monopoly by making the product unique because it contains some exotic ingredient not found in rival packages...
...Thus, it is rather a vain hope that the corporation can be "constitutionalized" to make it responsive to the wishes of its "members...
...In organization theory, the corporation is an archetypal structure whose highly integrated and delicately attuned personal relationships demand the elimination of rivalry...
...Businesses of all kinds and sizes assumed a corporate shape...
...Sometimes the whole affair has gone round and round in wondrous circles...
...the other is severely limited in what he can do, dependent on the sale of labor services and subject to ailment and accident...
...AT&T—assets $24.6 billion (not counting Western Electric), sales $8.6 billion...
...Joseph Schumpeter, like Galbraith, has argued that bigness in industry has been worthwhile...
Vol. 11 • July 1964 • No. 3
