ABSTRACT
KEYNES' description of capitalists who 'were allowed to call the best part of the cake theirs ... on the tacit underlying condition that they consumed very little of it' applied to the old-style entrepreneur managing a business that he had built up from his own resources. There are still sometimes great fortunes acquired by individual tycoons and there are still family businesses which have not yet become public companies or been absorbed into one of the great amalgamations. In the main, industry and trade are now dominated by managerial capitalism, that is by companies nominally owned by a shifting population of shareholders and actually run by salaried staff.
