Nove was able to reconcile the successful growth in the first half of the Soviet period-achieved, to be sure, at immense human cost-with the eventual decline and collapse of the Soviet economy and Soviet society. His successive editions also showed how scholarly views of the Soviet experiment evolved over time. Nove dissected key episodes in Soviet economic history, from the New Economic Policy of the 1920s and farm collectivization in the 1930s to the heavy industry drive and abortive economic reforms under Nikita Khrushchev, Leonid Brezhnev, and other Soviet leaders. Nove’s work on the Soviet economy, originally published in 1961, has been revised and updated repeatedly the final edition was released in 1992 in the wake of the disintegration of the Soviet Union. But the survival of large manufacturing firms that were Chandler’s focus and the ascendancy of a new generation of even larger information technology companies essentially vindicated his claims. These new technologies, the skeptics suggested, put small firms on an equal footing with big ones. His arguments were later challenged by critics who argued that new information and communication technologies vitiated the advantages of corporate size and hierarchical control. In explaining why some firms achieve market dominance, Chandler pointed to “first mover” investments (preempting the market by being first to invest), global distributional networks, and efficient management hierarchies. companies, specifically for firms positioned to sell first to a continental market and then to the entire world. ![]() The Pulitzer Prize–winning business historian emphasized the key role of corporate managerial decisions but also the structural advantages of the size and reach of U.S. economy, the collapse of the Soviet economic system, and the increasingly complex interplay of technological progress, finance, and business-cycle instability.Ĭhandler’s 1977 magnum opus remains the definitive account of U.S. The signal economic developments of the last century were the rise of the U.S. ![]() Editor’s Note: For our centennial issue, our reviewers each selected a set of books essential to understanding the past century and another set essential for imagining the century ahead.
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