The Corporation and the Twentieth Century

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The twentieth century in the United States marked the rise of managerial capitalism, characterized by the belief that professional managers are crucial for the efficient operation of organizations. However, by the century's end, both the practice of managerialism and its supporting narrative had deteriorated. Richard Langlois presents a comprehensive reassessment of this era, arguing that managerialism's prominence stemmed not from its superiority but from its temporary value in a rapidly evolving economy. The dominance of managerial structures was solidified during significant crises—wars and depressions—that disrupted markets and weakened the institutions that support them. As the century closed, these market-supporting institutions reemerged, favoring entrepreneurial and market-driven organizational models. Langlois's insightful analysis of the rise and decline of managerialism carries important implications for current discussions on industrial and antitrust policies, as well as the evolving role of corporations in the twenty-first century.