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Some rich corporations soon became rent-seekers, reinforcing Henry Clay's idea of state-assisted industrialization. Historian Charles A. Beard wrote that government gifts tended to go to the largest investments.²Ironically, the two biggest names in American corporate history,John Rockefellerand Andrew Carnegie, were noteworthy for fighting against government favors and subsidized competitors.

Americans' opinions of corporations sunk after the Stock Market Crash of 1929. In the public mind, Big Business, especially the financial sector, seemed to be to blame for the onset of the Great Depression. Reinforcing this sentiment was the book "The Modern Corporation and Private Property" that was published in 1932, in which authors Adolf Berle and Gardiner Means argued that those who legally have ownership over public companies (that is, the shareholders) have been separated from their control, leaving management and the directors to manipulate the resources of companies to their own advantage without effective scrutiny

- What Was the Great Depression?

- What is the history of corporations in America?

- How the Industrial Revolution Changed Business and Society

- When Did the Great Depression Start?

- When Did the Great Depression End?