In 1943, Henry Simons stated, “The efficiency of gigantic corporations is usually a vestigial reputation earned during early, rapid growth—a memory of youth rather than an attribute of maturity. Grown large, they become essentially political bodies, run by lawyers, bankers, and specialized politicians, and persisting mainly to preserve the power of control groups and to reward unnaturally an admittedly rare talent for holding together enterprise aggregations which ought to collapse from excessive size” (1948, 246).

Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, loc. 1199