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The visible and the invisible hand: Resource allocation in the industrial sector

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  • Richard A. Bettis
  • C. K. Prahalad

Abstract

The standard economic analysis holds that resource allocation in the industrial sector is primarily a market process operating through the capital markets. The current political resurgence of free market economics has popularized this approach. Contrary to this approach the authors demonstrate that: (1) trends in the size, diversity and administrative complexity of firms; (2) structural features of the capital markets; and (3) the emergence of the state as a major source of capital in developed countries imply that internal organizational and political/ ideological considerations are also vital to understanding resource allocation in the economy.

Suggested Citation

  • Richard A. Bettis & C. K. Prahalad, 1983. "The visible and the invisible hand: Resource allocation in the industrial sector," Strategic Management Journal, Wiley Blackwell, vol. 4(1), pages 27-43, January.
    • Handle: RePEc:bla:stratm:v:4:y:1983:i:1:p:27-43
    DOI: 10.1002/smj.4250040104
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    Cited by:

    1. Varkey K. Titus Jr. & Brian S. Anderson, 2018. "Firm Structure and Environment as Contingencies to the Corporate Venture Capital-Parent Firm Value Relationship," Entrepreneurship Theory and Practice, , vol. 42(3), pages 498-522, May.
    2. Binod Timilsina, 2015. "Competitively Distinct Operations as a Key for Superior and Sustainable Business Performance: An Example from Walmart," Management, University of Primorska, Faculty of Management Koper, vol. 10(3), pages 273-292.
    3. Julia Porter Liebeskind, 2000. "Internal Capital Markets: Benefits, Costs, and Organizational Arrangements," Organization Science, INFORMS, vol. 11(1), pages 58-76, February.
    4. Emiel F.M. Wubben, 2011. "Do Rules and Regulations Bind or Boost Economic Growth?," Chapters, in: Emiel F.M. Wubben (ed.), Institutions and Regulation for Economic Growth?, chapter 1, Edward Elgar Publishing.

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