ABSTRACT
T HE structure of industry in Britain and America is marked, as already described, by large organization, organized marketing policies and monopoly or oligopoly. The attention of the economist must therefore be directed less toward the equilibrium of supply and demand and the higgling on the market of hundreds of small firms, and more toward the complex organization of policy making and of government within the few large firms who are able to exercise some influence on production, price and progress. This internal organization should logically have developed to realize the advantages of large-scale organization and to exploit the possibilities of monopoly or oligopoly. The top controllers of most large firms do, in fact, spend considerable time and thought on their price and output policy in any given line of product. Modern technical progress also forces the top control to think hard about investment in machines and technical processes generally and also in the employment of expert specialists. The econcmy of large-scale operation ultimately depends upon the full use of mechanical and human specialization. Once relations with the consumer are so organized that a large-scale of production is feasible, then the producer may invest in the special machinery, equipment and plant adapted to the particular variety of product concentrated upon, and may proceed to employ separate specialist managers.
