The Regulation of Industry

By Dudley F. Pegrum | Go to book overview

CHAPTER XV
Control of the Corporation

The Corporation in the Business Structure

THE most outstanding feature of modern industry on the organizational side has been the development of the business corporation as the pre-eminent device for bringing together the resources used in the production processes. It was pointed out in earlier chapters that this development has taken place principally since 1870 and that the distinctly modern aspects did not emerge in a significant fashion until 1890. Since that time the influence of the corporation on organizational and management procedure and on the growth of large-scale ownership has become of such importance that control of the corporation is now an integral part of the problems of the general regulation of industry and of the enforcement of our anti-trust policy.

This change, and the emergence of the corporate problem as a particular phase of the regulation of business, is the result of the growth of a comparatively small number of large enterprises in certain lines of economic endeavor. It is the size of these business units, and the effect of their activities on the powers and responsibilities of management; on the effectiveness of competition in the economy; on the relations with the thousands of workers which they employ; and on the position of the investor, that has brought the questions connected with the control of the corporation to the fore. These issues are, in part, an outgrowth of the problems of regulation that have emerged with modern large-scale business activity, especially mass production. They are more than this, however, because the corporate device under existing laws has made it possible for enterprises to expand ownership and control far beyond that which would have been dictated solely by the economies of size. This device has also created the opportunity for some individuals to build vast industrial empires in which their stake, relative to the total investment, is very small but in which their authority is well-nigh supreme.

The foregoing remarks are not applicable to the majority of the 530,000 odd corporations in this country. Indeed they are pertinent

-423-

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The Regulation of Industry
Table of contents

Table of contents

  • Title Page iii
  • Preface vii
  • Table of Contents xi
  • Chapter I - The Problem and Its Setting 1
  • References 15
  • Chapter II - Institutional Arrangements 17
  • References 42
  • Chapter III - Forms of Business Organization 44
  • References 72
  • Chapter IV - The Scale of Enterprise 74
  • References 100
  • Chapter V - Price Policies 102
  • References 125
  • Chapter VI - The Combination Movement in The United States 127
  • References 156
  • Chapter VII - Integrated Combinations 158
  • References 173
  • Chapter VIII - Combination by Agreement 175
  • References 195
  • Chapter IX - The Law and Industrial Control 197
  • References 231
  • Chapter X - Anti-Trust Legislation 233
  • References 258
  • Chapter XI - Judicial Enforcement of The Anti-Trust Laws 260
  • References 310
  • Chapter XII - The Federal Trade Commission 312
  • References 359
  • Chapter XIII - Patents 361
  • References 387
  • Chapter XIV - International Combinations 389
  • References 421
  • Chapter XV - Control of the Corporation 423
  • References 439
  • Chapter XVI - The State and Economic Life 440
  • References 458
  • Chapter XVII - The Problem of National Policy 461
  • References 481
  • Table of Cases 483
  • Index 489
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