The Macroeconomic Context in Historical Perspective: Exogenous and Endogenous Changes in Firms’ ‘Competitive Environment’

  • Fabrizio Traù


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


Real Interest Rate Vertical Integration Industrial System Constant Prex International Financial Statistics 
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Copyright information

© Fabrizio Traù 2003

Authors and Affiliations

  • Fabrizio Traù
    • 1
    • 2
  1. 1.Research Department of the Confederation of Italian IndustriesRomeItaly
  2. 2.Research Associate at the ECRC Centre for Business ResearchUniversity of CambridgeUK

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