The Theory of the Autonomous Government Corporation: A Critical Appraisal

War, use of the corporate form in the industrial field was confined entirely to the textile industry. But the transition from an agricultural to an industrial economy, accompanied as it was by the rapid growth of big business, greatly stimulated the use of the corporate form because of the advantages it offered in the way of limited liability and pooled investment. Today the corporation has virtually become a way of life in America, and Harold J. Laski went so far as to say that it is regarded as almost an object of religious devotion.l