The Extent and Effects of Aggregate Concentration

ONE of the most striking points made by Berle and Means was that the 200 largest nonfinanced corporations had 49.2 percent of all nonfinancial corporate assets as of January 1, 1930, and that their share was growing rapidly.' Americans had been uneasy about the role of the very large corporations for a long time, and the Berle and Means figures on aggregate concentration had a major effect. Their story raises a variety of questions: How realistic were their numbers? Has the trend in aggregate concentration continued? What difference does it make? What can be done about it? Since almost the only conceivable systematic policy to limit aggregate concentration in the United States short of a social and economic revolution is to limit large conglomerate mergers, I will put considerable emphasis on such mergers.