This article begins with an overview of the changing context of U.S. industrial enterprise from the Second Industrial Revolution of the late nineteenth century to the end of the Second World War. It then examines the changes in the nature of competition, in the financial markets, and in corporate management that transformed the industrial environment in the postwar decades. Against that historical background, the essay describes in detail the results of an empirical study aimed at discovering how U.S. companies maintained, increased, or dissipated their organizational capabilities and how the market for corporate control affected that behavior.
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