Individualism And After; the Herbert Spencer Lecture Delivered in the Sheldonian Theatre On the 29th May, 1908

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The tendency from the outset is therefore towards oligarchy, this becoming pronounced as aggregation continues.
Problems Uke representation, the necessity for publicity, the continuity of membership, the identification of the interests of the management with those of the members, and many others which it has cost the State such struggles to overcome, find no solution in joint-stock enterprise.
Under the modern conditions of sale and purchase many of them have assumed new phases. It is inevitabl
...e, also, that it should be possible for the management to enrich themselves simply by foreseeing, as a matter of course, the rise and fall of the stock-exchange values of their securities.
Driven by the stress of competition, the tendency of capital to aggregation is producing other results that are remarkable. The United States Steel Corporation recently held its annual meeting in America. This corporation has control of revenues and finances which compare with those of a first-class State. It deals with one of the greatest industries in the world, and its shareholders are widely distributed in many countries.


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