“…Fohlin reports that ‚the deconcentration efforts of the allies in the early aftermath of World War II -both in terms of equity ownership and industrial organization -failed generally over the long run‛ (p.13). This is even the case in sectors targeted by the Allied authorities for post-war 'deconcentration' and 'denazification': steel, coal, chemicals, insurance and banks (Borkin, 1978;Erker, 1999;Feldman, 2001;Frei, 2003;Horstmann, 1991;Pohl, 1974). With owners and managers largely in place, investment decisions were made once expropriation by the state had been ruled out, functioning money was again available, and prices could be set to deliver the required profit margins.…”