Wealth aggregates and becomes political power. Simple as that. ‘Corporation’ is just the most recent name for it.

Wealth aggregates and becomes political power. Simple as that. ‘Corporation’ is just the most recent name for it. In the Middle Ages it was the Catholic Church. They had a great logo, too. You might have seen it, and they had more branches than Starbucks. Go back before that, and it was Imperial Rome. It’s a natural process as old as humanity.

A corporation, essentially, is a pile of money to which a number of persons have sold their moral allegiance.

The great corporations which we have grown to speak of rather loosely as trusts are the creatures of the State, and the State not only has the right to control them, but it is duty bound to control them wherever the need of such control is shown.

The flames of a new economic evolution run around us, and we turn to find that competition has killed competition, that corporations are grown greater than the State . . . and that the naked issue of our time is with property becoming master, instead of servant.

Our aim is not to do away with corporations; on the contrary, these big aggregations are an inevitable development of modern industrialism, and the effort to destroy them would be futile unless accomplished in ways that would work the utmost mischief to the entire body politic. We can do nothing of good in the way of regulating and supervising these corporations until we fix clearly in our minds that we are not attacking the corporations, but endeavoring to do away with any evil in them. We are not hostile to them; we are merely determined that they shall be so handled as to subserve the public good. We draw the line against misconduct, not against wealth.

The capitalist of our day, who is the social, economic and political successor of the feudal lord of the Middle Ages, and the patrician master of the ancient world, holds the great mass of the people in bondage, not by owning them under the law, nor by having sole proprietorship of the land, but by virtue of his ownership of industry, the tools and machinery with which work is done and wealth produced. In a word, the capitalist owns the tools and the jobs of the workers, and they are his economic dependents.

it’s rare to see a family-run media business with deep pride in its independence and a journalistic tradition that has survived over half a dozen generations. Such businesses are now part of conglomerates whose obligations involve meeting Wall Street’s expectations rather than the Founders’ expectations of the requisite for a well-informed citizenry. Now that the conglomerates can dominate the expressions of opinion that flood the minds of the citizenry and selectively choose the ideas that are amplified so loudly as to drown out others that, whatever their validity, do not have wealthy patrons, the result is a de facto coup d’état overthrowing the rule of reason. Greed and wealth now allocate power in our society, and that power is used in turn to further increase and concentrate wealth and power in the hands of the few.

Private capital tends to become concentrated in few hands, partly because of competition among the capitalists, and partly because technological development and the increasing division of labor encourage the formation of larger units of production at the expense of smaller ones. The result of these developments is an oligarchy of private capital the enormous power of which cannot be effectively checked even by a democratically organized political society. This is true since the members of legislative bodies are selected by political parties, largely financed or otherwise influenced by private capitalists who, for all practical purposes, separate the electorate from the legislature. The consequence is that the representatives of the people do not in fact sufficiently protect the interests of the underprivileged sections of the population. Moreover, under existing conditions, private capitalists inevitably control, directly or indirectly, the main sources of information (press, radio, education). It is thus extremely difficult, and indeed in most cases quite impossible, for the individual citizen to come to objective conclusions and to make intelligent use of his political rights.

Therefore a simple and poor society can exist as a democracy on a basis of sheer individualism. But a rich and complex industrial society cannot so exist; for some individuals, and especially those artificial individuals called corporations, become so very big that the ordinary individual is utterly dwarfed beside them, and cannot deal with them on terms of equality. It therefore becomes necessary for these ordinary individuals to combine in their turn, first in order to act in their collective capacity through that biggest of all combinations called the Government, and second, to act, also in their own self-defense, through private combinations, such as farmers' associations and trade unions.

The form of association, however, which if mankind continue to improve, must be expected in the end to predominate, is not that which can exist between a capitalist as chief, and work-people without a voice in the management, but the association of the labourers themselves on terms of equality, collectively owning the capital with which they carry on their operations, and working under managers elected and removable by themselves.

How people themselves perceive what they are doing is not a question that interests me. I mean, there are very few people who are going to look into the mirror and say, 'That person I see is a savage monster'; instead, they make up some construction that justifies what they do. If you ask the CEO of some major corporation what he does he will say, in all honesty, that he is slaving 20 hours a day to provide his customers with the best goods or services he can and creating the best possible working conditions for his employees. But then you take a look at what the corporation does, the effect of its legal structure, the vast inequalities in pay and conditions, and you see the reality is something far different.

The real difficulty is with the vast wealth and power in the hands of the few and the unscrupulous who represent or control capital. Hundreds of laws of Congress and the state legislatures are in the interest of these men and against the interests of workingmen. These need to be exposed and repealed. All laws on corporations, on taxation, on trusts, wills, descent, and the like, need examination and extensive change. This is a government of the people, by the people, and for the people no longer. It is a government of corporations, by corporations, and for corporations.

More and more it is evident that the State, and if necessary the nation, has got to possess the right of supervision and control as regards the great corporations which are its creatures.