Alfred D. Chandler, Jr. large, vertical integrated, managerially directed enterprise coordinate market hierarchies of salaried managers visible hand o

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1 Alfred D. Chandler, Jr. large, vertical integrated, managerially directed enterprise coordinate market hierarchies of salaried managers visible hand of management invisible hand of the market capabilities Chandler

2 - June more specialized, vertically disintegrated Richard N. Langlois Naomi R. Lamoreaux,Daniel M. G. Raff, Peter Temin LRT Charles F. Sabel Jonathan Zeitlin multi-unit firms vertical specialization AT&T Edith T. Penrose Sanmina-SCI Solectron Frextronics IBM Sanmina-SCI DSM Quintiles Transnational

3 Covance Delphi Visteon Covisint B to B Bax Global Menlo Worldwide Ryder - Intel Microsoft IBM LRT Dell Dell

4 - June AT&T Western Electric Bell Labs Lucent Technologies AT&T The Limited The GAP Dell Toys R Us Circuit City Borders LRT LRT LRT

5 thicker market technologies of coordination LRT evolutionary capabilities approach extent of market

6 - June buffering

7 integrality vanishing hand coordination technology LTR

8 - June LRT Oliver Williamson Ronald Coase managerial coordination LRT coordination mechanisms

9 long-term relationship LRT

10 - June hump-shaped pattern LRT

11 LRT supply side LRT demand side LRT LRT LRT

12 - June in the beginning there were markets in the end there are markets Dell Cobisint LRT LRT LRT LRT co-design co-development LRT

13 evolutionary theory of firms LRT Chandler, Chandler Langlois & Robertson ( ) Langlois Langlois UCLA MIT National Bureau Economic Research research associate LRT ( ) LRT ( ) Michael

14 - June J. Piore The Second Industrial Divide: Possibilities for Prosperity, Sabel & Zeitlin Langlois, p.. ibid., p.. ibid., pp. -. ibid., p.. ibid., p.. ibid., p.. Langlois, p.. LRT, pp. -. LRT, p.. Langlois, pp. -. ibid., p.. LRT, pp. - dynamic transaction costs Langlois, pp. -. Langlois & Robertson ( ), p. Langlois, pp. -. ibid., p.. ibid., p.. ibid., pp. -. ibid., pp. -. ibid., pp. -. ibid., p.. LRT, pp. -. Williamson Williamson Williamson LRT, pp. -.

15 ibid., pp. -. LRT LRT pp. -. ibid., p.. Langlois pp. -. ibid., pp. -. Langlois, p.. Sabel & Zeitlin, p.. ibid., p.. ibid., p.. ibid.,p.. specialty production Chandler, p.. Chandler, Alfred. D., Jr. ( ), The Visible Hand: The Managerial Revolution in American Business, Cambridge, Mass.. Chandler, A. D., Jr. ( ), Scale and Scope: The Dynamics of Industrial Capitalism, Cambridge, Mass.. Chandler, A. D., Jr. ( ), Organizational Capabilities and the Economic History of the Industrial Enterprise, Journal of Economic Perspectives, Vol., No. ( Summer). Chandler, A. D. Jr.( ), Inventing The Electronic Century: The Epic Story of the Consumer Electronics and Computer Industries. LRT( ), Naomi R. Lamoreaux, Daniel M. G. Raff, and Peter Temin, Beyond Markets and Hierarchies: Toward a New Synthesis of American Business History, American Historical Review (April).

16 - June LRT( ), Against Whig History, Enterprise & Socity, Vol., No.. Langlois & Robertson ( ), Richard N. Langlois and Paul L. Robertson, Firms, Markets and Economic Change : A Dynamic Theory of Buisiness Institutions, Routledge, London. NTT Langlois, Richard N.( ), The vanishing hand: the changing dynamics of industrial capitalism, Industrial and Corporate Change, Vol., No.. Langlois, Richard N.( ), Chandler in a Large Frame: Markets, Transaction Costs, and Organizational Form in History, Enterprise & Socity, Vol., No.. Sabel &Zeitlin( ), Charles F. Sabel and Jonathan Zeitlin, Neither Modularity nor Relational Contracting: Inter-Firm Collaboration in the New Economy, Enterprise & Society, Vol., No.. Williamson, Oliver E.( ), Markets and Hierarchies: Analysis and Antitrust Implications, The Free Press, N. Y..( ) Williamson, Oliver E.( ), The Modern Corporation: Origins, Evolution, Attributes, Journal of Economic Literature, (December). Williamson, Oliver E. ( ), The Economic Institutions of Capitalism. The Free Press, N. Y..,, M&A,

17 Historical Transformation of the Business Enterprise Systems: Why are Chandlerian Firms fading? The purpose of this paper is to consider some arguments which the Chandlerian enterprises have been fading since the late twentieth century in the U. S. economy. Richard N. Langlois persists that the Chandlerian firm no longer dominated the landscape in the last quarter of the twentieth century,and thus widespread vertical disintegration began replacing the classical multi-unit managerial enterprise. Production came to take place in numerous distinct firms, whose outputs are coordinated through market exchange broadly understood. It is in this sense that the visible hand of management is disappearing. Naomi R. Lamoreaux, Daniel M. G. Raff and Peter Temin discuss that the large, vertically integrated managerially directed enterprises no longer seem so imposing. Indeed by the 1980s, classical Chandlerian firms frequently were being outperformed, even in their core business, by more specialized, vertically disintegrated rivals. As transportation and especially communication costs continued to fall during the computer era, these firms responded by shifting away from both conglomerate and vertical integration, increasingly substituting coordination by long-term relationships for their extended managerial hierarchies. In this paper, I examine theoretical grounds of both views above, and try to make clear some problems in Chandler s approach of business history. HASHIMOTO, Teruhiko

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CIRJE-J-120 2004 10 CIRJE http://www.e.u-tokyo.ac.jp/cirje/research/03research02dp_j.html ** *** ** okazaki@e.u-tokyo.ac.jp *** masaki@econ.osaka-u.ac.jp - 1 - History of Production Organizations Abstract