This exception is, however, of the utmost importance.

For another generation or two any solution of the problem of corporation control, and of all the other critical problems connected therewith, will be complicated, confused, and delayed by the inter-state commerce clause, and by the impossibility, under that clause, of the exercise of any really effective responsibility and power by the central government.

The distinction between domestic and inter-state commerce which is implied by the Constitutional distribution of powers is a distinction of insignificant economic or industrial importance; and its necessary legal enforcement makes the carrying out of an efficient national industrial policy almost impossible.
Under the inter-state commerce clause, a corporation conducting, as all large companies do, both a state and an inter-state business, is subject to several supplementary jurisdictions.

It is subject, of course, primarily to the laws of the state under which it is organized, and to the laws of the same state regulating its own particular form of industrial operation.

It is subject, also, to any conditions which the legislatures of other states may wish to impose upon its business,--in so far as that business is transacted within their jurisdictions.
Finally, it is subject to any regulation which the central government may impose upon its inter-state transactions.