Final answer:
The quote represents Social Darwinism, which posits that competition and survival of the fittest are beneficial for societal progress and justify inequality and concentration of business.
Step-by-step explanation:
The quote reflects the philosophy of Social Darwinism, a theory inspired by a loose interpretation of Charles Darwin's theory of evolution. This concept was promoted by Herbert Spencer, who coined the term "survival of the fittest." Social Darwinism advocates that human advancement is facilitated by competition leading to the success of those with the most advantageous traits and the idea that such competition is essential for societal progress. By this ideology, inequality and the concentration of business in the hands of a few are seen not just as inevitable, but as beneficial for the evolution and improvement of society as a whole.
William Graham Sumner, a Yale sociologist, became one of the key proponents of this philosophy, which was used to justify the great disparities in socio-economic status and power, as the result of natural selection in the social sphere. Social Darwinism contributed to the justification of laissez-faire economics, the maintenance of status quo in terms of social hierarchy, and opposed intervention to rectify social and economic inequality. This framework suggested that any interference with the competitive process would be detrimental to societal progress.