“Earlier writers have recognized that economic activity is only in part trading and that the element of administration enters in, but they have tended to minimize this administrative aspect. The modern corporation has not only increased this aspect by bringing a greater part of economic activity within the administrative limits of single units, has altered the character of the market by making price not an outgrowth of trading but of administration.”

Source: The Corporate Revolution in America, 1957, p. 18

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Gardiner C. Means 9
American economist 1896–1988

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