The United States: From Colonial Times to World War I
This chapter reviews the processes in the history of industrial corporations and other forms of business enterprise. It helps us to understand the question of control of corporations if the chapter begins by distinguishing between, ownership and management. The chapter examines ownership control, with management either identical with owner, or under the control of the owner or owners. The data are taken from the Annual Report issued to stockholders by General Motors for the year ending December 31, 1966. The income tax has been perhaps the most important, of statist devices for raising revenue primarily, and secondarily as a means of redistribution. In the early stages of its evolution the size of corporations increased, and the social organization of control underwent marked change. The evolution of corporate organization progressed from control through ownership to control without ownership and ownership without control.