Theodore Vail Chooses Regulation

Readers of history know that government efforts to reduce monopoly power and protect the consumer often fall short.  Some protect competitors rather than  the consumer. Famous  break-ups of large companies like Standard Oil and Alcoa have had little impact on the companies’ success. And regulators tend to be captured by the regulated [1].

So can government intervention be beneficial to a company—and also serve the community? Let me introduce you to Theodore Vail, president of AT&T in its early days. I learned about him from the great management guru Peter Drucker. You be the judge.

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