In modern industry the managerial groups in many areas rise to a position more significant than that of the owners or the workers. Decision often rests largely in their hands, providing, of course, they are able to point to a generous measure of financial success in their particular enterprise. Wages to the workers, profits to the owners, prices and goods to the consumers—these are allocated in great measure by the managers of the concern and tolerated on the terms just stated.

Systematic Politics, 1943