The Macroeconomic Context in Historical Perspective: Exogenous and Endogenous Changes in Firms’ ‘Competitive Environment’
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1.1.1 Towards the end of the 1960s, J.K. Galbraith began his analysis of the working of the “New Industrial State” with the blunt remark that “the part of the economy… of which the most conspicuous manifestation is the modern big corporation … is the part… we identify with the modern industrial society … To understand the rest of the economy … is to understand very little” (Galbraith 1967, p. 9).1
KeywordsReal Interest Rate Vertical Integration Industrial System Constant Prex International Financial Statistics
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