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Enduring Logic of Industrial Success

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Large managerial enterprises have been the engines of growth and innovation in modern economies for more than a century. This essay lays out the logic and the nature of the competitive battles that ensue once an industry has been transformed by a first-mover company (companies defined by their large-scale investments in production, marketing, and management). History's lessons are clear: first movers quickly dominate their industries and continue to do so for decades. Those who fail to invest cannot compete--internationally or at home.
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