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2 Robert W. Sarnoff
Although government and business have been at cross purposes at times, Mr. Sarnoff said, the nation cannot afford the luxury of pulling in different directions at home when it is confronted abroad with a deadly long-term struggle. "The Cold War," he said, "will throw its chill into years and possibly decades to come. We dare not let ourselves be frozen out; it is no better to end with a whimper than with a bang."
For its part, he said, the government must recognize the key role of the profit incentive in powering the American economy, and the guiding objective should be to encourage the "natural functional ends" of business as the straightest line to productivity and growth. The pitfall to be avoided at all costs, he added, is any attempt to fit business into the molds of preconceived ideas.
As an example, while praising the rigorous enforcement of the anti-trust laws, Mr. Sarnoff cited the "ill-founded and outmoded" doctrine that condemns bigness in business per se, regardless of any actual deeds or effects.
"Those who cling to this notion in a technological age that demands large-scale enterprise," he said, "would put a drag on our economic system's capacity to produce at its best. In the economic race to 1980, they would saddle us with the economic dogma of 1890.
The years have taken the curse off bigness - not just because we vitally need the benefits that only bigness can bring tut because as a nation we have learned to tame it and to live with it."
As for the obligations of business, Mr. Sarnoff warned that the profit motive "can work dangerous damage if it does not operate within a framework of moral integrity and social responsibility." He said that sharp business practices at the expense of the economy at large "may be possible within the law but they should be beyond the pale" when national economic progress is so vital to survival.