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¹⁷ Ibid., chap. 6.

¹⁸ Ibid., 47.

¹⁹ For descriptions of reorganizations at General Electric and Westinghouse (disguised as Imperial Corporation), see Richard F. Vancil and P. C. Browne, “General Electric Co., Background Note on Management Systems—1981,” Harvard Business School, Case 9-181-111 (1981); Francis J. Aguilar and R. G. Hamermesh, “General Electric: Strategic Position—1981,” Harvard Business School, Case 9-381-174 (1981); and Norman A. Berg, et al., “Imperial Corporation (A) and (B),” Harvard Business School, Cases 380–123 and 380–124 (1980).

²⁰ Fruhan, William E. Jr., Revitalizing Businesses: Shareholder/Workforce Conflicts (Boston, Mass., 1985)Google Scholar, and Baker, George P. III, “Beatrice: A Study in the Creation and Destruction of Value,” Journal of Finance 47 (July 1992): 1081–119CrossRefGoogle Scholar, each describe financial restructurings that recombined business units into new corporations. On the concept and methods of “break-up valuation,” see Copeland, Thomas E., Koller, Tim, and Murrin, Jack, Valuation: Measuring and Managing the Value of Companies (New York, 1990).Google Scholar

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²² David Teece, Gary Pisano, and Amy Shuen, “Dynamic Capabilities and Strategic Management,” Working Paper 90–8, Consortium on Competitiveness and Cooperation, Berkeley, Calif. (Dec. 1992), provides a useful overview of these models.

²³ Chandler (in this volume) argues that the rise of an active market for whole companies (and banks specializing in such transactions) was a critical historical development that distinguished the 1980s from earlier periods. See Kaufman, Allen and Englander, Ernest, “Kohlberg Kravis Roberts & Co. and The Restructuring of American Capitalism,” Business History Review 67 (Spring 1993): 52–97CrossRefGoogle Scholar, on the emergence of KKR, a merchant bank that specialized in buying and selling companies.

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⁴³ Ibid.

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