Between 1958 and 1980 the number of businesses in the U.S. economy increased from 10.7 million to 16.8 million. But the relative economic importance of small business in the overall economy declined over this period. Between 1958 and 1977 the share of employment accounted for by firms with fewer than 500 employees decreased from 55.5 percent to 52.5 percent. Between 1958 and 1979 the share of business receipts obtained by companies with less than $5 million in receipts declined from 51.5 percent to 28.7 percent. Between 158 and 1977 the share of value added contributed by firms with 500 or fewer employees decreased from 57 percent to 52 percent. (Zoltán J. Ács, Bo Carlsson, and Charlie Karlsson 1999, 7)

That’s an enormous relative increase in the importance of big businesses. Consider that change in light of macroeconomic conditions and political thought at the time. It seems almost like the dark ages. I think it also shows an apparent correlation between business, government, and ideology. Since the mid ’70s, small businesses have gained importance in the U.S. economy while also leaving the dark ages of mid-20th century illiberalism.