Hi David. What you read and are describing was written about by J. Kenneth Galbraith in the Managerial Society. What Tom nostalgicly refers to is capitalism, pre WWII.

Ford motor is a good example here. When the ownership and management were the same, it was indeed a great and powerful company. Ford bucked the conventional wisdom, pursued his vision and profited wondourously.

Today is not the day for large scale capitalism. The US has evolved (or devolved if you would) into a corporatist state and we see the results of this transition, (greatly accelerated during the Bush administration).

Ownership of the corporation has become an irrelevancy, management gets the big bucks and gives lap-dog ownership (shareholders) a pittance in the form of dividends and spreads the largess amongst upper tiers of management, and installs $50,000 toilets in their offices. The global corporation with its multi thousand, largely impotent, stockholders has replaced the iconographic American corporation that was the envy of the rest of the world. Yeah, capitalism still exists. But it is hidden away in the mom and pop grocery store that is being devoured by WalMart.

But hey, not to worry. When I voiced concerns over the swelling debt under the Bush administration Tom straightened me out by telling me that Bush was "growing" the economy. So Tom, look how your garden is growing now, you should be very happy.

Publius