“You of course appreciate that this industry of ours the automotive industry is today the greatest in the world. Three or four years ago it passed, in volume, steel and steel products, the next largest industry. This means, expressed otherwise, that upon its prosperity depends the prosperity of many millions of our citizens and the degree to which it has become stabilized in turn has a tremendous influence on the stabilization of industry as a whole, and therefore on the prosperity and happiness of still many more of our citizens. Directly and indirectly, this industry distributes hundreds of millions of dollars annually to those who are connected with it, in one way or another, as workers. It also distributes hundreds of millions of dollars in the aggregate to those who have invested in its securities. The purchasing power of this total aggregation, as you must appreciate, is tremendous.
I believe that if you questioned many of your readers as to the present position of the automotive industry, they would tell you that it is growing by leaps and bounds. I believe further you would sense uncertainty as to what is going to happen in the industry when the so-called state of saturation is reached. I do not know whether you appreciate it or not, but the industry has not grown very much during the past three or four years. It is practically stabilized at the present time.”

— Alfred P. Sloan

Source: Alfred P. Sloan in The Turning Wheel, 1934, p. 331-2: Speech by President Alfred P. Sloan, Jr., delivered to representatives of the automotive press at the Proving Ground on September 28, 1927.

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Alfred P. Sloan47

American businessman 1875–1966

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“What has taken place is a shift of business from one manufacturer to another, and the announcements in the press as well as the general publicity of those manufacturers who have succeeded in increasing their business give, I think, the impression that this is true of the whole industry. If we could assume, for the sake of argument, that we will reach the point at which twenty-five million cars and trucks will be registered in the United States an assumption that from what we have accomplished so far is certainly perfectly reasonable then I think we could safely say that the replacement demand, plus the export demand which will increase for many years yet, plus the normal growth, would amount to something like four to four and one half million vehicles a year and would require the manufacture of a number of cars equal to or greater than has yet been produced in any year in the history of the industry…
I am sure that I do not need to elaborate what the automotive industry consists of, its influence on the prosperity of the United States, the influence that it has had in many other industries which contribute to its production necessities. General Motors is an important part of this great industry of ours and as my contribution to your visit with us I would like to tell you in a brief way something about General Motors; how we are thinking, what we are doing, and our ambitions for the future.”

Alfred P. Sloan (1875–1966) American businessman

Source: Alfred P. Sloan in The Turning Wheel, 1934, p. 332-3: Speech by President Alfred P. Sloan, Jr., 1927 (II)

“Far from paving the way for a halcyon future of prosperity and stability, the digital era promises to usher in as profound a political and social transformation as that wrought by the arrival of the industrial age.”

Charles A. Kupchan (1958) American university teacher

Source: The End of the American Era (2002), Chapter eight: The Rebirth of History

“The industry has not grown much during the past three or four years. It is practically stabilized at the present [1927]. What has taken place is a shift from one manufacturer to another.”

Alfred P. Sloan (1875–1966) American businessman

Source: Alfred P. Sloan in The Turning Wheel, 1934, p. 210. Sloan in his Proving Ground address in 1927 to automobile editors, in discussing the so-called saturation point.

“The prosperity of a people depends upon such facts as the natural wealth of the country in which they live, their social discipline and industrial character, the result of generations, of centuries, it may be, of tradition.”

Norman Angell book The Great Illusion

The Great Illusion (1910)
Context: The prosperity of a people depends upon such facts as the natural wealth of the country in which they live, their social discipline and industrial character, the result of generations, of centuries, it may be, of tradition. In addition it depends upon a special technical capacity for such-and-such a manufacture, a special aptitude for meeting the peculiarities of such-and-such a market, the efficient equipment of elaborately constructed workshops, and the existence of a population trained to given trades.

“For 12 years I have had the honor of teaching geometry and mechanics applied to the arts, in favor of the industrial class… on the most important questions to the well-being, education, and morality of the workers, to the progress of national industry, to the development of all means of prosperity that work can produce for the splendor and happiness of our country.”

Charles Dupin (1784–1873) French mathematician

Charles Dupin (1831), Discours sur le Sort des Ouvriers [Discourse on the Condition of the Workers] Paris: Bachelier Librairie. p. 1. ; Translation Wren & Bedeian (2005, 73)

“We have here the problem of bigness. Its lesson should by now have been burned into our memory by Brandeis. The Curse of Bigness' shows how size can become a menace – both industrial and social. It can be an industrial menace because it creates gross inequalities against existing or putative competitors. It can be a social menace – because of its control of prices. Control of prices in the steel industry is powerful leverage on our economy. For the price of steel determines the price of hundreds of other articles. Our price level determines in large measure whether we have prosperity or depression – an economy of abundance or scarcity. Size in steel should therefore be jealously watched. In final analysis, size in steel is the measure of the power of a handful of men over our economy. That power can be utilized with lightning speed. It can be benign or it can be dangerous. The philosophy of the Sherman Act is that it should not exist. For all power tends to develop into a government in itself. Power that controls the economy should be in the hands of elected representatives of the people, not in the hands of an industrial oligarchy. Industrial power should be decentralized. It should be scattered into many hands so that the fortunes of the people will not be dependent on the whim or caprice, the political prejudices, the emotional stability of a few self-appointed men. The fact that they are not vicious men but respectable and social minded is irrelevant. That is the philosophy and the command of the Sherman Act. It is founded on a theory of hostility to the concentration in private hands of power so great that only a government of the people should have it.”

William O. Douglas (1898–1980) Associate Justice of the Supreme Court of the United States

Dissenting, United States v. Columbia Steel Co., 334 U.S. 495 (1948)
Judicial opinions

“[The Japanese auto industry should] catch up with America in three years. Otherwise the Japanese auto industry will never stand on its own.”

Kiichiro Toyoda (1894–1952) Japanese businessman

Kiichiro Toyoda (1945), quoted in: Kazuo Sato (2010), The Anatomy of Japanese Business, p. 135

“Our future as an industrial and trading nation depends on the success of our export drive. Increased production and increased exports are vital to the health of the shipping industry. … Our fundamental need is still increased production to enable us to increase our volume of exports and so pay for our imports. … That is the need of the country to-day.”

Clement Attlee (1883–1967) Former Prime Minister of the United Kingdom

Prime Minister
Source: Speech to the Chamber of Shipping of the United Kingdom at the Dorchester Hotel (13 October 1949), quoted in The Times (14 October 1949), p. 4

“Some see danger in bigness. They fear the concentration of economic power that it brings with it. That is in a degree true. It simply means, however, that industrial management must expand its horizons of responsibility. It must recognize that it can no longer confine its activities to the mere production of goods and services. It must consider the impact of its operation on the economy as a whole in relation to the social and economic welfare of the entire community. For years I have preached this philosophy. Those charged with great industrial responsibility must become industrial statesmen.”

Alfred P. Sloan (1875–1966) American businessman

Source: "The Broadened Responsibilities of Industry's Executive," 1936, p. 358; Also in Sloan & Sparkes (1941, 145); Partly cited in: Roland Marchand (1997, p. 83)

“Your iron industry is dead; dead as mutton. Your coal industries, which depend greatly upon the iron industries, are languishing. Your silk industry is dead, assassinated by the foreigner. Your woollen industry is in articulo mortis, gasping, struggling. Your cotton industry is seriously sick. The shipbuilding industry, which held out longest of all, is come to a standstill. Turn your eyes where you like, survey any branch of British industry you like, you will find signs of mortal disease. The self-satisfied Radical philosophers will tell you it is nothing; they point to the great volume of British trade. Yes, the volume of British trade is still large, but it is a volume which is no longer profitable; it is working and struggling. So do the muscles and nerves of the body of a man who has been hanged twitch and work violently for a short time after the operation. But death is there all the same, life has utterly departed, and suddenly comes the rigot mortis…But what has produced this state of things? Free imports? I am not sure; I should like an inquiry; but I suspect free imports of the murder of our industries much in the same way as if I found a man standing over a corpse and plunging his knife into it I should suspect that man of homicide, and I should recommend a coroner's inquest and a trial by jury…”

Lord Randolph Churchill (1849–1895) British politician

Speech in Blackpool (24 January 1884), quoted in Robert Rhodes James, Lord Randolph Churchill (London: Phoenix, 1994), p. 137

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Alfred P. Sloan47

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