Through size, corporations, once merely an efficient tool employed by individuals in the conduct of private business have become an institution-an institution which has brought such concentration of economic power that so-called private corporations are sometimes able to dominate the state. The typical business corporation of the last century, owned by a small group of individuals, managed by their owners, and limited in size by their private wealth, is being supplanted by huge concerns in which the lives of tens or hundreds of thousands of employees and the property of tens of hundreds of thousands of investors are subjected, through the corporate mechanism, to the control of a few men. Ownership has been separated from control; and this separation has removed many of the checks which formerly operated to curb the misuse of wealth and power. And, as ownership of the shares is becoming continually more dispersed, the power which formerly accompanied ownership is becoming increasingly concentrated in the hands of a few... [and] coincident with the growth of these giant corporations, there has occurred a marked concentration of individual wealth; and that the resulting disparity in incomes is a major cause of the existing depression.

When citizens are relatively equal, politics has tended to be fairly democratic. When a few individuals hold enormous amounts of wealth, democracy suffers. The reason for this pattern is simple. Through campaign contributions, lobbying, influence over public discourse, and other means, wealth can be translated into political power. When wealth is highly concentrated—that is, when a few individuals have enormous amounts of money—political power tends to be highly concentrated, too. The wealthy few tend to rule. Average citizens lose political power. Democracy declines.

We live in an oligarchic state where we’ve been rendered utterly powerless. The judiciary, the legislative, the executive branch is all subservient to an oligarchic corporate elite. And the press is owned by an oligarchic corporate elite which makes sure that any critique of them is never broadcast over the airwaves.

Establishment interests are gaming the political system. They support Democrats who blame corporations for our problems. They support Republicans who blame government. We the people line up on one side or the other and are so focused on the opposing party as villain, we fail to notice the extent to which corporate power and government power are unified in the cause of corporate rule, through the oligarchy’s control of money, markets, politics, and media.

the oligarchs — because that’s exactly what they are — when you have cryptocurrency billionaires, oil baronesses, other corporate interests infusing or injecting themselves into these local races, it is a problem, because what they do is they drown out the voices and the will. We don’t truly know what the will of the people would be if these super PACs would not jump in in the way that they do. And they seem to — not seem — they particularly target women of color and, going even deeper than that, Black women.

The view which sees in every capitalist only a profit machine may very well meet the demands of propaganda, but it is conceived much too narrowly and does not correspond to reality. Even in modern giant capitalism the power-political interests frequently play a larger part than the purely economic considerations, although it is difficult to separate them from each other... The morbid desire to make millions of men submissive to a definite will and to force whole empires into courses which are useful to the secret purposes of small minorities, is frequently more evident in the typical representatives of modern capitalism than are purely economic considerations or the prospect of greater material profit. The desire to heap up ever increasing profits today no longer satisfies the demands of the great capitalistic oligarchies. Every one of its members knows what enormous power the possession of great wealth places in the hands of the individual and the caste to which he belongs. This knowledge gives a tempting incentive and creates that typical consciousness of mastery whose consequences are frequently more destructive than the facts of monopoly itself.

The “democratisation” of the ownership of shares, from which the bourgeois sophists and opportunist so-called “Social-Democrats” expect (or say that they expect) the “democratisation of capital”, the strengthening of the role and significance of small scale production, etc., is, in fact, one of the ways of increasing the power of the financial oligarchy.

In a democratic society the existence of large centers of private power is a dangerous to the continuing vitality of a free people.

The rich and their lobbyists have taken firm control of the levers of power in Washington and state capitals while remaking the rules in their own interest. They have also imbued private organizations with the power to make rules that few outside the process understand. These same people... [are] the primary source of campaign donations that put politicians in office and keep them there.

In our time, there is still a mixture of oligarchy and democracy, or a simulated and mediated democracy. That is to say, in some countries, the oligarchy reigns with the façade of democracy. For example, how can we talk about democracy if the elites dominate, and not the majorities? How can we talk about democracy if there is no separation of economic power and political power? How can we talk about democracy if, in recent times, there has been the most offensive concentration of wealth in a few hands in the history of the world? The fortune of a minority has increased without limits, without any moral concern, while there are a billion human beings who live on less than a dollar a day.

To the Congress:

Unhappy events abroad have retaught us two simple truths about the liberty of a democratic people.

The first truth is that the liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it becomes stronger than their democratic state itself. That, in its essence, is Fascism — ownership of Government by an individual, by a group, or by any other controlling private power.

The second truth is that the liberty of a democracy is not safe if its business system does not provide employment and produce and distribute goods in such a way as to sustain an acceptable standard of living.

Both lessons hit home.

Among us today a concentration of private power without equal in history is growing.

This concentration is seriously impairing the economic effectiveness of private enterprise as a way of providing employment for labor and capital and as a way of assuring a more equitable distribution of income and earnings among the people of the nation as a whole.

If political democracy did not lead to significant gains in worker, community, and social ownership, the capitalist class would end up owning the political system, thus subverting democracy.

What is actually happening now is that monoploy capitalism needs the state to disempower ordinary people's institutions and lives. What we are actually developing in modern Europe is a post-democratic society. We are creating an oligarchical elite structure where moneyed elites, the elites of industry cohabit with political elites and they move into each other's regimes and spaces. So we have now produced what I would call a market state, and the market state really just exists for the benefit of those in the top. And there is clear economic and social evidence for this, it is very clear that only those at the very top of society in the developed world have really benefited from the last thirty years.

What the workingmen of the country are profoundly interested in is the private ownership of the means of production and distribution, the enslaving and degrading wage-system in which they toil for a pittance at the pleasure of their masters and are bludgeoned, jailed or shot when they protest — this is the central, controlling, vital issue of the hour, and neither of the old party platforms has a word or even a hint about it. As a rule, large capitalists are Republicans and small capitalists are Democrats, but workingmen must remember that they are all capitalists, and that the many small ones, like the fewer large ones, are all politically supporting their class interests, and this is always and everywhere the capitalist class.