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Corporations are necessary to the effective use of the forces of production and commerce under modern conditions. We cannot effectively prohibit all combinations without doing far-reaching economic harm; and it is mere folly to do as we have done in the past—to try to combine incompatible systems—that is, to try both to prohibit and regulate combinations. Combinations in industry are the result of an imperative economic law which cannot be repealed by political legislation. The effort at prohibiting all combination has substantially failed. The only course left is active corporate regulation – that is, the control of corporations for the common good—the suppression of the evils that they work, and the retention, as far as maybe, of that business efficiency in their use which has placed us in the forefront of industrial peoples. (en) |
