“No large concentrated stockholding exists which maintains close relationship with the management or is capable of challenging it, so that the board of directors may regularly expect a majority… to follow their lead. Thus they need not consult with anyone when making up their slate of directors… They select their own successors.”

— Adolf A. Berle

Source: Power Without Property, 1959, p. 73; As cited in: Leslie A White, ‎Robert Carniero, ‎Benjamin Urish (2008) Modern Capitalist Culture. p. 387.

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Adolf A. Berle14

American diplomat 1895–1971

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