In other words, the tendency toward concentration in business, the absorption of the small business by the big business, is an irresistible natural process, which neither can be nor should be hindered. The condition of competition, whether in politics or in industry, is never a permanent one, and can never be made permanent; it is a struggle which automatically brings itself to an end. Large-scale production and distribution is more economical than small-scale, and big business has irresistible advantages of credit and permanence over little business. As we shall presently show, the blind and indiscriminate production of goods under the competitive system leads to the glutting of markets and to industrial crises. At such times the weaker concerns are weeded out and the strong ones take their trade; and as a result, we have the modern great corporation, the most powerful machine of production yet devised by man, and which corresponds in every aspect to the monarchy in political society. We are accustomed to speak of our "captains of industry," our "coal kings," and "beef barons" and "lords of steel," and we think we are using metaphors; but the universality of these metaphors points to a fundamental truth in them. As a matter of fact, our modern captain of industry fills in the economic world exactly the same functions as were filled in ancient days by the head of a feudal state. He has won his power in a similar struggle, and he holds it by similar methods. He rules over an organization of human beings, arranged, economically speaking, in grades and classes, with their authorities and privileges and duties precisely determined, as under the "ancient regime." And just as King Louis said, "I am the state," so Mr. Armour considers that he is Armour & Co., and Mr. Morgan considers that he is the house of Morgan, and that the business exists for him and is controlled by him under divine authority.