It depends upon possibilities of economic industrial management and of the systematic development of individual industrial ability and experience which exist to a peculiar degree in large industrial enterprises.

None of these sources of economic efficiency will be in any way diminished by the official programme of regulation.

The corporations will still possess substantially all of their existing advantages over their competitors, while to these will be added the additional one of an unimpeachable legal standing.

Like the life insurance companies after the process of purgation, they will be able largely to reduce expenses by abolishing their departments of doubtful law.
Thus the recognition of the large corporation is equivalent to the perpetuation of its existing advantages.

It is not an explicit discrimination against their smaller competitors, but it amounts to such discrimination.