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As regards context: 1) Chandler provides a seminal contribution towards the
conceptualization of non-market coordination, in the wider framework of the emergence of
the so-called managerial capitalism. In the process, the non-market coordination of the
visible hand of management replaced the coordination of economic activities by means of
the invisible hand of the market, in important sectors of the more advanced capitalist
economies. 2) Williamson provides for a link between Chandler's historical approach and
Industrial Organisation's theoretical concerns.
As regards suggestions on readings, here are some references: Chandler, A.D. (1977) The
Visible Hand. The Managerial Revolution in American Business, Cambridge, Harvard
University Press; Managerial Hierarchies - Comparative Perspectives on the Rise of the
Modern Industrial Enterprise (1980), A.D. Chandler & H. Daems (eds.), Cambridge, Harvard
University Press (in particular, the Introduction by Chandler and Daems, and Oliver E
Williamson's contribution on the implications of the emergence of the visible hand of
management for Industrial Organization); Chandler A. D. (1992) "What is a firm? A
historical perspective", European Economic Review, vol.36, pp. 483-994; Chandler A. D.
(1992) "Organizational Capabilities and the Economic History of the Industrial
Enterprise", Journal of Economic Perspectives, vol. 6, n.3, Summer, pp. 79-100; Simon,
Herbert A. (1991) "Organizations and Markets", Journal of Economic Perspectives, vol. 5,
n. 2, Spring , pp. 25-44; Stiglitz, Joseph E. (1991) "Symposium on Organizations and
Markets", Journal of Economic Perspectives, vol.5, n. 2, Spring, pp. 15-24; The Nature of
the Firm. Origins, Evolution and Development (1991) O.E. Williamson & S.G. Winter (eds),
New York, Oxford, Oxford University Press.
Maria de Fatima Brandao
Universidade do Porto, Portugal
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