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The Vanishing Hand: the Changing Dynamics of Industrial Capitalism

  • Richard N. Langlois

    (University of Connecticut)

Alfred 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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File URL: http://web2.uconn.edu/economics/working/2002-21.pdf
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Paper provided by University of Connecticut, Department of Economics in its series Working papers with number 2002-21.

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Length: 66 pages
Date of creation: Nov 2002
Date of revision:
Publication status: Forthcoming in Industrial and Corporate Change
Handle: RePEc:uct:uconnp:2002-21
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Web page: http://www.econ.uconn.edu/

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