In the past three years the company has been gently drawing back from this structure without attempting a radical reorganisation.

ECONOMIST: Philips redraws the lines

The gilded NoMad, drawing design inspiration from its 1905 Beaux-Arts structure and designer Jacques Garcia's former Paris apartment, boasts a Parisian-style restaurant flowing into the lobby of the hotel and furniture modeled after French originals.

WSJ: Boutique Hotels: 'Home' Away From Home

In their current form, European corporate states tend to be more informal than their predecessors, drawing on mutually supporting networks of labor, industry and government leaders without the explicit structure of Mussolini's cartels or Roosevelt's code authorities.

FORBES: Coyote Den