The corporate manager who achieves success by honest efficiency in giving the best service to the public should be favored because we all beneﬁt by his efficiency. […] he should be helped by the Government because his success is good for the National welfare. But a man who, grasps and holds business power by breaking the industrial efficiency of others, who wins success by methods which are against‘ the public interest and degrading to the public morals, should not be permitted to ‘ exercise such power. Instead of punishing him by a long and doubtful process of the law after the wrong has been com- mitted, there should be such effective Government regulation as to check the evil tendencies at the moment that they start do develop.
Theodore Roosevelt (1910) The Progressives, Past and Present