The size of General Motors is in the service not of monopoly or the economies of scale but of planning.
" many seemingly independent businessmen or craftsman are more or less well paid retainers of larger corporations, such as the cobbler, operating a United States shoe machine or an automobile dealer holding a license of the General Motors Corporation."paul a. baran
If General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic enterprise as a whole is worth 43 million (shares) times $60, or no less than $2,600 million.benjamin graham
Is it really likely that a National Planning Officer would have a better judgement of 'the number of cars, the number of generators, and the quantities of frozen foods we are likely to require in, say, five years,' than Ford or General Motors etc., and, even more important, would it even be desirable that various companies in an industry all act on the same guess?friedrich hayek