Modern industrial society characterized by large corporations from "summary" of The New Industrial State by John Kenneth Galbraith
In this era of modern industrial organization, the predominant economic unit is the large corporation. These behemoths have taken over the commanding heights in the structure of production. They have become the central decision-making entities in the economy, supplanting the market mechanism that was once believed to be the primary coordinating force. The rise of these large corporations has fundamentally altered the nature of industrial society. No longer can we rely on the traditional model of the competitive market to guide economic activity. Instead, we must come to terms with the reality of a new industrial state, where power and influence are concentrated in the hands of a few giant firms. One of the key characteristics of this new industrial society is the dominance of a few large corporations in key sectors of the economy. These firms have the resources and capabilities to control markets, set prices, and influence government policy. As a result, they are able to shape the economic landscape in ways that were previously unimaginable. These large c...
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