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The companies there were starting up in the early 20th century had to pay very little in the way of taxes, unlike companies starting out today whose first 1/3 of profit goes for income tax. Similarly for regulations -- there were virtually none a hundred years ago. Thus older companies were able to grow large without those burdens and new companies today face not only those burdens but entrenched competitors as well -- they have to beat out the best of the best, not just others that are just starting out.