[The Promise Of American Life by Herbert David Croly]@TWC D-Link bookThe Promise Of American Life CHAPTER XII 51/92
It may be added that if the proposed or any kindred method of reorganization becomes politically and economically possible, the circumstances which account for its possibility will in all probability carry with them some practicable method of realizing the proposed object. Wherever the conditions, obtaining in the case of railroad and public service corporations, are duplicated in that of an industrial corporation, a genuinely national economic system would demand the adoption of similar measures.
How far or how often these measures would be necessarily applied to industrial corporations could be learned only after a long period of experimentation, and during this period the policy of recognition, tempered by regulation under definite conditions and graduated taxation of net profits would have to be applied.
But when such a policy had been applied for a period sufficiently prolonged to test their value as national economic agents, further action might become desirable in their case as in that of the railroads.
The industrial, unlike the service corporations, cannot, however, be considered as belonging to a class which must be all treated in the same way.
Conditions would vary radically in different industries; and the case of each industry should be considered in relation to its special conditions.
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