A century-plus ago, the U.S. economy was dominated by what were then known as “cartels,” “trusts” or “monopolies.” According to one source, between 1897 and 1904 over 4,000 companies were consolidated down into 257 corporate firms. Among them were Standard Oil (40 refineries), AT&T (22 units), U.S. Steel (nine steel companies) and J. P. Morgan’s More
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