Summary |
The history of the great life insurance enterprises that took form during the last quarter of the nineteenth century dramatically exemplified these tendencies. These corporations performed a vital function in the life of an urban, industrial society. They grew rapidly in strength and amassed enormous resources, for the nature of their business made them custodians of the savings of millions of people. The very magnitude of their strength raised serious questions about the place in a free society of private institutions that served a public purpose.
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