From a letter to Walter Lippman written in 1937:
My main doubt is whether it really is the corporate law which has given rise to corporations bigger than they would become under the . . . free market, or whether it is not largely the greater influence on the political machine, which the great corporation exerts, which has favoured its growth.
From Ben Jackson, “Freedom, the Common Good and the Rule of Law: Lippmann and Hayek on Economic Planning,” Journal of the History of Ideas, 73 (2012), forthcoming.