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“This first generation of corporate barons left a lasting, if dubious, legacy: they made America more hierarchical, with new divisions between management and labor, between a professional class and everyday workers. They made the economy more centralized, consolidating power into a few mega-companies and their owners; they made it more globalized, keyed to international capital and trade. They diminished the voice of the ordinary citizen in society and politics in favor of educated, professionalized elites. In short, they gave America an entirely new political economy, what some historians have called corporate liberalism.” — Josh Hawley
This first generation of corporate barons left a lasting, if dubious, legacy: they made America more hierarchical, with new divisions between management and labor, between a professional class and everyday workers. They made the economy more centralized, consolidating power into a few mega-companies and their owners; they made it more globalized, keyed to international capital and trade. They diminished the voice of the ordinary citizen in society and politics in favor of educated, professionalized elites. In short, they gave America an entirely new political economy, what some historians have called corporate liberalism.