It depends upon
possibilities of economic industrial management and of the systematic
development of individual industrial ability and experience which exist
to a peculiar degree in large industrial enterprises. None of these
sources of economic efficiency will be in any way diminished by the
official programme of regulation. The corporations will still possess
substantially all of their existing advantages over their competitors,
while to these will be added the additional one of an unimpeachable
legal standing. Like the life insurance companies after the process of
purgation, they will be able largely to reduce expenses by abolishing
their departments of doubtful law.
Thus the recognition of the large corporation is equivalent to the
perpetuation of its existing advantages. It is not an explicit
discrimination against their smaller competitors, but it amounts to such
discrimination. If the small competitor is to be allowed a chance of
regaining his former economic importance, he must receive the active
assistance of the government.
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