Building on the premise that competitive forces undermine monopoly, Director claimed that if the corporate form had contributed to the emergence of a monopoly, it also would have simultaneously contributed to the demise of that monopoly—even if it seemingly facilitated a large-scale organization with monopoly powers. Implicitly conjuring Hayek’s “road to serfdom,” “The road to monopoly even with neutral rules is not a one-way road” (1951, 20). Furthermore, Director maintained that monopoly power did not get projected from one market to another; thus, a monopoly in the product market could not perniciously or selfishly manipulate the labor market or the capital market.

Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, loc. 1111