When Markets Quake: The Management Challenge of Restructuring Industry

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When Markets Quake: The Management Challenge of Restructuring Industry

By Joseph L. Bower
Harvard Business School Press, 1986
256 pp. $19.95
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Overcapacity has troubled the highly international petrochemical industry for some time. Giant companies can sustain low prices and losses for a long time without leaving the field; governments resist contraction; only prolonged crisis brings action. Professor Bower of the Harvard Business School gives a remarkable and lively account of how European, American and Japanese companies have tried to cope without eliminating the central problem. He worries that private firms may have no future against government enterprises that are not as well managed, but he recognizes that unless government industrial policy supports it there is no prospect that what he thinks is the required degree of cooperation among private firms can succeed.

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