The Vanishing Hand: the Changing Dynamics of Industrial Capitalism
AbstractAlfred Chandler's portrayal of the managerial revolution of the late nineteenth and early twentieth centuries does not extend well into the late twentieth century, when widespread vertical disintegration began replacing the classical multi-unit managerial enterprise. This paper attempts to explain the new economy in a manner consistent with Chandler by providing an enlarged theoretical account of industrial evolution. In this account, clusters of Chandlerian firms appeared as a temporary episode within a larger Smithian process of the division of labor. Copyright 2003, Oxford University Press.
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Bibliographic InfoPaper provided by University of Connecticut, Department of Economics in its series Working papers with number 2002-21.
Length: 66 pages
Date of creation: Nov 2002
Date of revision:
Publication status: Forthcoming in Industrial and Corporate Change
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Postal: University of Connecticut 341 Mansfield Road, Unit 1063 Storrs, CT 06269-1063
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Other versions of this item:
- Richard N. Langlois, 2003. "The vanishing hand: the changing dynamics of industrial capitalism," Industrial and Corporate Change, Oxford University Press, vol. 12(2), pages 351-385, April.
- Richard N. Langlois, 2001. "The Vanishing Hand: the Changing Dynamics of Industrial Capitalism," Economic History 0110001, EconWPA.
- L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
- L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
- P12 - Economic Systems - - Capitalist Systems - - - Capitalist Enterprises
This paper has been announced in the following NEP Reports:
- NEP-ALL-2002-11-18 (All new papers)
- NEP-COM-2002-11-18 (Industrial Competition)
- NEP-ENT-2002-11-18 (Entrepreneurship)
- NEP-IND-2002-11-18 (Industrial Organization)
- NEP-TID-2002-11-18 (Technology & Industrial Dynamics)
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