Alfred Sloan, the [long-time] chairman of General Motors, framed the question this way: “Is American business in the future as in the past to be conducted as a competitive system?My, how things have changed.
He answered: “General Motors . . . will not participate voluntarily in what stands out crystal clear at the end of the road: a regimented economy.”
[Note: the article topic is What Ended the Great Depression? Well worth a read.]