Pop quiz by Ian Murray 06 March 2002 18:04 UTC < < < Thread Index > > >
who said it: "Some may admit that the concentration of wealth is indispensable, but may desire to distinguish between joint-stock aggregations on the one side and individual fortunes on the other. This distinction is a product of the current social prejudice and is not valid. The predominance of the individual and personal element in control is seen in the tendency of all joint-stock enterprises to come under the control of a very few persons. Every age is befooled by the notions which are in fashion in it. Our age is befooled by 'democracy'; we hear arguments about the industrial organization which are deductions from democratic dogmas or which appeal to prejudice by using analogies drawn from democracy to affect sentiment and industrial relations. Industry may be republican; it can never be democratic, so long as men differ in productive power and in industrial virtue. In our time joint-stock companies, which are in form republican, are drifting over into oligarchies or monarchies ^^^^^ CB: Republican like the Roman Republic was republican, and drifting out of the world backward like Rome, from republic to monarchy. ^^^^^ because one or a few get greater efficiency of control and greater vigor of administration. They direct enterprise in a way which produces more, or more economically. This is the purpose for which the organization exists and success in it outweighs everything else" ........no googling.............
