By Pascal Petit
J.K. Galbraith describes in his 1974 book The New Industrial State a specific form of managerial capitalism. He stresses the role of large firms and of their managers in the development of the coordinated market mechanisms that ensured the steady growth of the Golden Years of capitalism. More recently, this model has been widely challenged by the internationalization of large firms and the rise of financial criteria in their management. Far from being fatal, this drift results largely from an unopposed and opportunistic subpopulation of managers.