More striking still, it appeared that, if the process of concentration goes on at the same rate, at the end of another century we shall have all American industry controlled by a dozen corporations and run by perhaps a hundred men. Put plainly, we are steering a steady course toward economic oligarchy, if we are not there already.

The Public Papers and Addresses of Franklin D. Roosevelt: The genesis of the new deal, 1928-1932 (ed. 1938)