“(Morgan partner George W. Perkins) "preached a gospel of industrial cooperation, contending that small scale businesses depressed wages and retarded technological advance. "What is the difference" he proclaimed, between the US Steel Corporation, as it was organized by Mr. Morgan, and a Department of Steel as it might be organized by the government? He drew a paralell that trusts, with their centralized production and distribution, were a form of private socialism. He claimed the best sort of private corporations would be run along the lines of "socialism of the highest, best, and most ideal sort". ”
