The future of the defence firm: the case of the UK aerospace industry
The focus of this paper is the future of the defence firm within the context of the UK aerospace industry and its supply chain. The analysis considers aerospace markets and the aerospace industry in the UK before assessing the future of the defence/aerospace firm as a case study. The paper concludes that its future in terms of the strategic and important aerospace industry is uncertain. The corporate governance of the defence firm will have to change to reflect the hollowing-out of the firm as the industry experiences significantly less vertical integration. The emphasis of the future defence/aerospace firm will be on 'buy' and not necessarily 'make'. There will also be fewer independent defence aerospace firms as horizontal integration will occur across air, land and sea platforms as well as civil and defence aerospace firms. Indeed, conglomerate integration may even occur with cost pressures and market forces ensuring that merger activity goes beyond defence and aerospace into wider manufacturing industries and, in some cases, service industries in global markets.
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Volume (Year): 15 (2004)
Issue (Month): 6 ()
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References listed on IDEAS
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- Sandler,Todd & Hartley,Keith, 1999.
"The Political Economy of NATO,"
Cambridge University Press, number 9780521630931, September.
- Sandler,Todd & Hartley,Keith, 1999. "The Political Economy of NATO," Cambridge Books, Cambridge University Press, number 9780521638807, September.
- Malcolm Chalmers & Neil V. Davies & Keith Hartley & Chris Wilkinson, 2002. "The economic costs and benefits of UK defence exports," Fiscal Studies, Institute for Fiscal Studies, vol. 23(3), pages 305-342, September.
- Shelanski, Howard A & Klein, Peter G, 1995. "Empirical Research in Transaction Cost Economics: A Review and Assessment," Journal of Law, Economics and Organization, Oxford University Press, vol. 11(2), pages 335-361, October.
- De Fraja, Gianni & Hartley, Keith, 1996. "Defence Procurement: Theory and UK Policy," Oxford Review of Economic Policy, Oxford University Press, vol. 12(4), pages 70-88, Winter.
- Milgrom, Paul & Roberts, John, 1990. "The Economics of Modern Manufacturing: Technology, Strategy, and Organization," American Economic Review, American Economic Association, vol. 80(3), pages 511-528, June. Full references (including those not matched with items on IDEAS)
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