The Corporation and the Twentieth Century: The History of American Business Enterprise

In The Corporation and the Twentieth Century, Richard Langlois offers an alternative version of the economic, institutional, and intellectual history of the managerial era, arguing that it rose to prominence due to its contingent value in a young and rapidly developing American economy. By the end of the century, market-supporting institutions had reemerged to shift advantage toward entrepreneurial and market-driven modes of organization.

Format: Hardback
Length: 816 pages
Publication date: 27 June 2023
Publisher: Princeton University Press

The twentieth century in the United States was marked by a profound shift towards managerialism, characterized by an organizational transformation from entrepreneurial to managerial capitalism. This dominant narrative held that administrative coordination by trained professional managers was essential for the efficient functioning of both public and private organizations. However, a crucial question arises: why did managerialism, which was considered the pinnacle of administrative efficiency, collapse by the end of the century?

In his book "The Corporation and the Twentieth Century," Richard Langlois presents an alternative perspective. He offers a comprehensive and nuanced reframing and reassessment of the economic, institutional, and intellectual history of the managerial era. Langlois argues that managerialism gained prominence not because of its inherent superiority but rather because of its contingent value in a young and rapidly developing American economy. The structures of managerialism solidified their dominance only because the century's great catastrophes of war, depression, and war again superseded markets, scrambled relative prices, and weakened market-supporting institutions.

By the end of the twentieth century, these market-supporting institutions had reemerged, shifting advantage toward entrepreneurial and market-driven modes of organization. This magisterial new account of the rise and fall of managerialism holds significant implications for contemporary debates about industrial and antitrust policies and the role of the corporation in the twenty-first century.

In conclusion, the twentieth century was indeed the managerial century in the United States, driven by the transformation of organizations from entrepreneurial to managerial capitalism. However, Langlois' alternative perspective challenges the notion of managerialism's inherent superiority and emphasizes its contingent value in a rapidly developing American economy. His book provides a valuable reassessment of the economic, institutional, and intellectual history of the managerial era, shedding light on its rise and fall and its implications for contemporary debates about the corporation and its role in society.

Weight: 1408g
Dimension: 165 x 243 x 68 (mm)
ISBN-13: 9780691246987