The vanishing hand: the changing dynamics of industrial capitalism

doi:10.1093/icc/12.2.351

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Industrial and Corporate Change, Volume 12, Number 2, pp. 351-385
© 2003 Oxford University Press

The vanishing hand: the changing dynamics of industrial capitalism

Richard N. Langlois

The University of Connecticut, U63 Storrs, CT 06269-1063, USA. Email: richard.langlois{at}uconn.edu

Abstract

Alfred Chandler's portrayal of the managerial revolution ofthe late nineteenth and early twentieth centuries does not extendwell into the late twentieth century, when widespread verticaldisintegration began replacing the classical multi-unit managerialenterprise. This paper attempts to explain the new economy ina manner consistent with Chandler by providing an enlarged theoreticalaccount of industrial evolution. In this account, clusters ofChandlerian firms appeared as a temporary episode within a largerSmithian process of the division of labor.

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