Corporate Culture, Business Culture Quotes
Sometimes this is misquoted as 'The business of America is business.' See Woodrow Wilson for an earlier statement of this idea which is almost always incorrectly attributed to Coolidge as the originator of the idea.
In 1961 the President intervened in a labor dispute in the steel industry with the "understanding" that the steel companies would not raise their prices after the settlement. As soon as there was a settlement prices were raised:. The President "persuaded" the steel executives to rescind the increases.
The British Ambassador was having difficulty determining whom to negotiate with regarding a tax treaty:
1st Baron Thurlow. This famous statement expressed the great concern and distrust that England had for corporations. Their worst fears were exceeded by the 20th century and was completely over the top by the 21st century when many corporations could control entire nations and even in America and the UK, they were very powerful and often acted against the public and even national interest with impunity. The chancellor was very concerned as to how the behavior of corporations would be controlled and regulated. For individuals, there was a combination of conscience and legal punishment to control behavior. Partnerships were an extension of individuals. But what was the corresponding mechanism for corporations? The same question is often asked in modern times when corporate scandals and excesses are brought to light. See {586120} for another version of this concern that was stated a few generations later.
