Obama and the Reawakening of Corporatism

In 1970, General Motors was the largest and most profitable company in America. Today, of course, GM is neither. Instead, in 2009 America’s largest company is Wal-Mart, which was still only a regional, privately-held retailer in 1970. Wal-Mart’s rapid rise is not unique, however. Among the 100 largest firms today, a number—including FedEx, Microsoft, Cisco, and Home Depot--didn’t even exist in 1970. So profoundly has the landscape changed that 80 percent of the Fortune 100 companies today are different from 1970.

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