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Leunig, T. Interpreting Modern Business: the USA, Europe and Japan
Dr Tim Leunig Lecturer in Economic History Department of Economic History London School of Economics Houghton Street London WC2A 2AE 0171 955 7857 firstname.lastname@example.org Department of Economic History, London School of Economics Dr Tim Leunig: Postgraduate Course EH455 - 1999-2000 Interpreting Modern Business: the USA, Europe and Japan Aims: This one-year course in modern industrial economic history strives to be both international and comparative. It approaches questions from the point of view of economic history, rather than from, say, management. It aims to explain 'success', of firms, of industries, and (to some extent) of nations. Rather than looking at one country in detail, it draws on the best literature that is available, irrespective of the country and period concerned. In short the course is inclusive and eclectic, and welcomes students both from economic history and other departments. Lectures and classes: The first three weeks offer an introduction to the subject and course and. Week one first deals with necessary administration, and offers the chance for questions, before going on to look at the aims and methods of those who write about - and study - industrial economic history. Weeks two and three offer core lectures, on the nature of the firm, and a broad, sweeping historical overview of business and industrial history in the capitalist world since 1870 (!). Both lectures are followed by classes based on work set the previous week. The remainder of the course consists of weekly two-hour classes, in which discussion is based around student led seminars. There is no class in the last week of the second term, as (for students on EH programmes) there is a statistics exam that week. Course requirements and assessment: Classes are based around papers prepared by students. Each student can expect to be asked to make four presentations during the year. An outline of your presentation should be placed in my mailbox by 5pm on the Thursday prior to the class. Those students who are not presenting in any given week must produce a one-side summary of what they have learned. Again, a copy must be placed in my mailbox by 5pm on the Thursday prior to the class. Students registered for the course are required to produce three essays over the term. You may pick any of the reading list questions. Essays should be placed in my mailbox by the following dates: Essay 1: end of week 10, Michaelmas term 1998 Essay 2: end of week 5, Lent term 1999 Essay 3: end of week 10, Lent term 1999 Course essays will be marked and graded. They are a course requirement, but do not contribute to your final course grade. It may, however, be taken into account by the examiners in determining the overall MSc result. The course is accessed by a conventional three-hour unseen exam in May/June, in which you will be required to answer three questions from a choice of approximately ten. In order to allow you to be better prepared for the exam, I will set a two-hour exam at the end of each term. You should do these over the vacation in your own time, but under timed conditions and without access to any study materials. I will then mark these papers and will then give an exam technique session in the light of each practise exam. These sessions are especially useful for those whose previous education did not make extensive use of exams. Remember that all elements, presentations, one-page summaries, essays, and practise examinations are compulsory elements of this course. The Course: Topics and Readings As befits an inclusive and eclectic course in what is a relatively new area, there is no textbook. There are, however, any number of decent books that cover some aspects of what we will study. Many are worth referring to on a regular basis, and you should not hesitate to use the index... The following list is in no particular order. A Chandler & H Daems (eds) Managerial Hierarchies 1980 P6423 L Hannah The rise of the corporate economy 2nd ed 1983 HD2845 H24 M Sawyer The economics of industries and firms 1982, HB119 M43 S19 O Williamson & S Winter (eds) The nature of the firm: origins, evolution and development 1993 HD2326 N28 J Armstrong and S Jones Business documents (research methods) esp ch 1 HF5349 G7 A73 P Payne British entrepreneurship in the nineteenth century HF5349 G7 P34 M Dintenfass The decline of industrial Britain 1870-1970 1992 HC255 D58 C Schmitz The growth of big business in the US and Western Europe, 1850-1939 1995 HF5341 S35 A Chandler Scale and scope 1990 HD2785 C45 G von Tunzelmann Technology and industrial progress: the foundations of economic growth 1995 HD82 V94 J Mokyr The lever of riches HC79 T4 M71 T Kealey The economic laws of scientific research 1996 HC79 R4 K21 J Kay, Foundations of corporate success, 1993 HD30.28 K21 P Milgrom & J Roberts, Economics, organisation & management 1992 HD30.22 M64 S Broadberry, The productivity race: British manufacturing in international perspective, 1850-1990, 1997 HC253 B86 J Wilson, British business history, 1720-1994, 1995 HD70 G7 W74 F Scherer and J Ross Industrial Market Structure and Economic Performance 3rd Ed 1990 HF5415.1 S32 R Schmalensee and R Willig Handbook of Industrial Organisation volume 2, 1989, HD2326 H23 N Lamoreaux & D Raff (eds) Coordination and Information: Historical Perspectives on the Organisation of Enterprise 1995 HD2326 C77 P Temin (ed) Inside the Business Enterprise: historical perspectives on the use of information HD38.7 I51 There also exists the International Collection of Critical Writings in Business History which draw together the best of the more traditional business history writings. GH Burgess (ed) Antitrust and regulation 1992 K3856A56 D Edgerton (ed) Industrial research and innovation in Business 1997 HC79.T4I41 R Fitzgerald and C Rowley (eds) Human resources and the firm in international perspective 1997 HD6971 H91 v1&v2 W Lazonick and W Mass (eds) Organisational capability and competitive advantage 1995 HD58.9 O61 GP Marchildon (ed) Mergers and acquisitions 1991 HD2746.5M55 Barry Supple (ed) The rise of big business 1992 HD2350.8R59 S Tolliday (ed) The rise and fall of mass production 1998 on order S Tolliday (ed) Government and business 1991 HD3611G72 Nb: Journal Abbreviations used in this reading list: A-American, B-Business, E-Economics, H-History, J-Journal, R-Review "Introduction" week 1 Introduction The content, format, methodology and course requirements will be outlined, along with what is expected of students. Questions will be answered. This will be followed by the first lecture. Concepts & paradigms: the definition of 'success' in business and industrial history. (lecture) 1) What do we mean when we say a firm is successful? An industry? A nation? 2) Take any two articles (by different authors) from this term's reading or from the International Collection of Critical Writings in Business History. What would you guess as to the background of your chosen author? What question(s) do they ask? Why do they find their article interesting? What might others argue that they have missed? 3) To what extent should economics and management guide business and industrial history? Are business history and economic history natural allies? Reading for 1) - J Kay Foundations of Corporate Success 1993, esp chs 1,2, 18, 19, 20, 21 HD30.28 K21 - P Milgrom & J Roberts Economics, Organisation and Management 1992, chs 1, 2, 3, 9, 16 and 17, HD30.22 M64 - R Reich, The Work of Nations introduction HB50 R34 Reading for 3) - D Coleman 'Uses and Abuses of Business History' Business History 187, pp. 141-156 - R Nelson 'Why do firms differ, and how does it matter?' in W Lazonick and W Mass (eds) Organisational capability and competitive advantage 1995, pp 194-207, HD58.9 O61 Week 2 Concepts & paradigms: the role of firms. (lecture) 1) Why do firms exist? Compare and contrast the concepts of entrepreneurship and transactions costs as reasons for the existence and growth of the firm. 2) How easy is it to define an industry or a market? Reading for 1) - W Baumol 'Entrepreneurship in Economic Theory' AER 1968, pp 60-98 - O Williamson 'The Modern Corporation: Origins, evolution, attributes' JEL 1981 - B Supple 'Scale and Scope: Alfred Chandler and the dynamics of industrial capitalism' EcHR 1991 - W Lazonick Business Organisation and the myth of the market economy 1991, ch 6 HB95.L39 - Hill, C 'Oliver Williamson and the M-Form Firm: a critical review' JE Issues Vol 19, 3, Sep 85 - M Enright 'Organisation and Coordination in Geographically Concentrated Industries' in N Lamoreaux and D Raff Coordination and Information: Historical Perspectives of the Organization of Enterprise HD2326 C77 Reading for 2) - Section on 'Cross elasticity of demand' in any standard first year economics textbook. - F Scherer and J Ross Industrial Market Structure and Economic Performance 3rd Ed 1990 pp. 73-79 HF5415.1 S32 week 3 Continuity and change: a historical overview of business and economic history in the capitalist world since 1870. (lecture) 1) 'The continuities in business and industrial history are sufficiently apparent to allow us to say that there is one model of business and industrial development.' Discuss. 2) 'The problem with business and industrial history is not just that the data is poor, but that measures such concentration ratios, lists of the largest firms, etc give no sense of the competitive environment in which firms exist. Under such conditions these subjects can never be more than a collection of case studies.' Discuss Reading for 1) - S Broadberry The productivity race ch 1, introductions and conclusions of chs 10, 11 and 12, ch 13, HC253 B86 - A Chandler and H Daems Managerial Hierarchies esp chs 1-4, 6-7, P6423 More detailed treatments can be found in: - J Foreman-Peck 'Industry and industrial organisation in the inter-war years' in R Floud & D McCloskey The economic history of Britain since 1700 1994 vol 2 HC255 E11 - R Millward 'Industrial and commercial performance since 1950' in R Floud & D McCloskey The economic history of Britain since 1700 1994 vol 3 HC255 E11 - JF Wilson British business history, 1720-1994 1995 chs 2-6 HD70.G7W55 - TR Gourvish 'British business and the transition to the corporate economy' BH 1987 - D Hounshell From the American System to Mass Production 1800-1932 TS149H83 Reading for 2) - L Hannah and J Kay 'Concentration in modern industry: theory measurement and the UK experience' 1977 HD2731 H24 "Why firms are as they are" Week 4 Railroads, management and economic growth. 1) What was the role of railroads in the creation of America as an economic superpower? 2) Why do Fogel and Chandler disagree so completely? 3) Are their disagreements replicated by Gourvish and Hawke, or does the country being considered matter? - Chandler, A 'Railroads: Pioneers in Modern Management' BHR 39, Spring 1965, pp 16-40, reprinted in The Essential Alfred Chandler - (A fuller version can be found in Chandler, The Railroads: the nation's first big business, 1965) - Fogel, Robert 'Railroads and American Economic Growth' chs 1 & 4, (pp. 1-16, 207-28), HE 2751 F65 - (A slightly less good alternative can be found as 'Railroads and American Economic Growth' in Fogel and Engerman The reinterpretation of American Economic History) - Gourvish, T Mark Huish and the London and North Western Railway: a Study of Management 1972, esp pp. 256-267 HE3020 L65 G71 - Hawke, G Railways and Economic Growth in England and Wales, 1840-1870 esp ch 7, pp. 187-196 HE3018 H39 Week 5 The Rise of Big Business 1) Why did America see such a rapid growth of large firms? 2) Why did this take longer in Britain? 3) What light does this shed on the reasons for firm growth? Reading for 1) - A Chandler 'The United States: Seedbed of Managerial Capitalism' in A Chandler and H Daems (eds) Managerial Hierarchies: Comparative Perspectives on the Rise of the Modern Industrial Enterprise pp. 9-40 P6423 - (an older version can be found as A Chandler 'The Structure of American Industry' BHR 1969 v 43 pp 255-298, reprinted in The Essential Alfred Chandler pp 247-92) - A Laffer 'Vertical integration by corporations, 1929-65' REStat v 51 1969, pp 91-93 - Livesay and Porter 'Vertical integration in American manufacturing 1899-1948' JEH 1969, pp 494-500 - R Stonebraker 'Turnover and Mobility among the 100 largest firms: an update' AER v 69 n 5, Dec 1979, pp 968-973 - C Wilcox 'On the alleged ubiquity of oligopoly' AER P&P v 41, 1950, pp. 67-73 - Reading for 2) - L Hannah 'Visible and invisible hands in Great Britain' in A Chandler and H Daems (eds) Managerial Hierarchies: Comparative Perspectives on the Rise of the Modern Industrial Enterprise pp. 41-76 P6423 - (L Hannah, The Rise of the Corporate Economy gives the fullest account for Britain. 2nd ed HD2845 H24) - Y Cassis 'Big Business in Britain and France, 1890-1990' in Y Cassi, F Crouzet and T Gourvish (eds) Management and Business in Britain and France Reading for 3) - Collins and Preston 'The Size Structure of the largest industrial firms, 1909-58' AER v 51 Dec 1961 pp 986-1011 - L Davis 'The Capital Markets and Industrial Concentration: The US and UK, a comparative study' EcHR v 19, 2 1966, pp. 255-72 - Shepherd 'Causes of Increased Competition in the US Economy 1939-80' REStat v 64, Nov 1982, pp. 613-26 - F Scherer and J Ross Industrial Market Structure and Economic Performance 3rd Ed 1990, esp pp 59-62, 68-70, 82-85, 105-109, HF5415.1 S32 nb The story for Germany and France can be found in Managerial Hierarchy (see earlier reading), while that for Japan can be found in Rotwein 'Economic Concentration and Monopoly in Japan' JPE v 72, 1964 pp.262-277, Week 6 Production Techniques 1) Are large firms and mass production synonymous? 2) When is mass production a successful production strategy? Reading for 1) - P Scranton 'Diversity in Diversity' BHR 1991, pp. 27-90 - P Scranton Endless Novelty ch 1 HD9725 S43 - J Jewkes and S Jewkes 'A Hundred Years of Change in the structure of the cotton industry' JLE 9, Oct 1966, pp. 115-134 - Review Colloquium on Strategy and Structure in BHR 1990, pp. 690-758 Reading for 2) - D Hounshell, From the American System to Mass Production 1984, ch 7 pp. 263-302, TS149 H83 - M Piore and C Sabel The Second Industrial Divide: Posibilities for Prosperity 1984 Ch 2, (esp pp 44-48), ch. 7, ch 8 (industries which interest you), ch 9 (countries which interest you) HD2351 P66 - S Broadberry The Productivity Race 1997 ch 6, pp. 77-89 HC253 B86 Week 7 Large and Dominant? What is the connection between large firms and dominant firms? Are large firms more profitable? More innovative? Better? - Armour and Teece 'Organizational Structure: a test of the multidivisional structure' Bell JE Spring 1978 pp. 106-22 - A Chandler 'The Visible Hand: The managerial revolution in American Business' reprinted in The Essential Alfred Chandler - J Galbraith American Capitalism 1952, ch 9 'The Theory of Countervailing Power' HB501.G14 - L Hannah 'Survival and Size Mobility Among the World's Largest 100 Industrial Corporations, 1912-1995' AER May 1998 pp. 62-65 - Gort 'Analysis of stability and change in market shares' JPE v 71, 1963, pp. 51-61 - Heggestad and Rhoades 'Concentration and Firm stability in commercial banking' REStat v 58, 1976 pp 443-52 - T Bresnahan 'Empirical Studies of Industries with Market Power' in R Schmalensee and R Willig Handbook of Industrial Organisation volume 2, 1989, HD2326 H23 pp. 1011-1058, (non-economists pp. 1051-3) - W Cohen and R Levin 'Empirical studies of innovation and market structure' in R Schmalensee and R Willig Handbook of Industrial Organisation volume 2, 1989, HD2326 H23 Week 8 The Role of Competition In what sense(s) is competition advantageous or disadvantageous? - S Broadberry, Productivity Race, ch 9, plus case studies of your choice from section 3 (esp ch 11), HC253 B86 (3 copies plus offprint) - W Lazonick, Business Organization and the Myth of the Market Economy ch 3, HB95 L43 (3 copies) - B Elbaum and W Lazonick 'An Institutional Perspective on British Economic Decline' in B Elbaum and W Lazonick (eds) The Decline of the British Economy, HC255 D29 (3 copies) - F Scherer and J Ross Industrial Market Structure and Economic Performance 3rd Ed 1990 HF5415.1 S32, esp pp. 15-32 & ch 18 (8 copies) - J Vickers, 'Concepts of Competition' P2281[SPEC] (1 copy) - H Odagiri, Growth through Competition, Competition through Growth: Strategic Management and the Economy in Japan HD70.J3 O21 sections 1.2, 7.6 ch 8 & 12.1 (2 copies) Week 9 Regions and external economies of scale When are external economies of scale likely to be important? Which best embodies the advantages of industry clusters, computers, cotton, or Korea? - MJ Enright 'Organisation and Coordination in Geographically Concentrated Industries' & comment, in NR Lamoreaux and DMG Raff (eds) Coordination and Information: historical perspectives on the organization of enterprise HD2326 C77 [1_WK] - R Langlois 'External economies and economic progress: computers' BHR v 66 Spring 1992, pp. 1-50 HF5341 - S Broadberry & A Marrison 'External economies of scale in the Lancashire cotton industry, 1900-1939' work in progress paper available from Tim - S Chon 'Political Economy of Regulation and Development in Korea' in RP Appelbaum and J Henderson States and Development in the Asia Pacific Rim HC460.5 S79 [1_WK] "Different approaches" Week 10 The Role of Nations Do nations have competitive advantages, as well as comparative advantages? Or are they better seen as arbitrary and varied collections of endowments, with correspondingly different sets of factor prices? - Reich, Robert, The Work of Nations Chs 1-4, ch 25 HB 50 R34 - Porter, M The Competitive Advantage of Nations, HBR No 2, 1990, pp. 73-93, reprinted in W Lazonick and W Mass, (eds) Organisational capability and competitive advantage 1995 HD58.9 061 - L D'Andrea Tyson 'They are not us: why American ownership still matters' in W Lazonick and W Mass, (eds) Organisational capability and competitive advantage 1995, pp 599-615 HD58.9 O61 - B Elbaum and W Lazonick 'An Institutional Perspective on British Economic Decline' in B Elbaum and W Lazonick (eds) The Decline of the British Economy, HC255 D29 - CK Harley 'Substitution for prerequisites: endogenous institutions and comparative economic history' in R Sylla and G Toniolo Patterns of European Industrialisation: the nineteenth century HC240 P31 Week 11 America In what sense is or was America different? As America is so rich, is it fair to conclude that America is also smart? Or has America just won first prize in the lottery of life? - Habakkuk, H.J. American and British Technology in the Nineteenth Century pp. 11-63, T19 H11 - Wright, G 'The Origins of American Economic Success' AER vol 80, Sep 1990 - L Hannah 'The American Miracle, 1875-1950, and After: A View in the European Mirror' B&EH vol 24, no 2, Winter 19, pp. 197-262 - Pincus, J 'Tariffs' in G Porter (ed) Encyclopedia of American Economic History 1980 vol 1, pp. 439-50 HC102E51 - Harley, CK 'Substitution for prerequisites: endogenous institutions and comparative economic history' in R Sylla and G Toniolo Patterns of European Industrialisation: the nineteenth century HC240 P31 - McCraw, T Creating Modern Capitalism: How Entrepreneurs, companies and countries triumphed in three industrial revolutions ch 9, pp. 301-348 HB 501 C91 Week 12 Japan Is it the similarities or the differences between Japan and the West that best explain her dramatic catch up? Could Japan have succeeded without government assistance? - GC Allen Japan's Economic Policy (London, 1980), pp 96-120 HC462 A42 [1 wk] and/or - J Hirschmeier & T Yui The Development of Japanese Business, 1600-1973 2nd Ed (London 1981) pp 325-64 HC462 H66 [1 wk] and/or - JB Shoven (ed) Government Policy towards Industry in the US and Japan (Cambridge, 1988) ch 8 HD2616.U5 G72 rec [offprint] - Chalmers Johnson MITI and the Growth of the Japanese Miracle (Stanford 1982) ch 9 HC462.9 J61 [1 wk] - DI Okimoto Between MITI and the Market (Stanford, 1989) pp 229-238 HC465.H53 O41 [1 wk] - H Odagiri, Growth through Competition, Competition through Growth ch 8 & 11 HD70.J3 O21 [1 wk] Week 13 Cartels and German Economic History Did German cartels operate in the manner economists would expect? Did they help or hinder the industries in which they were found? - S Webb 'Tariffs, Cartels, Technology and Growth in the German Steel Industry, 1879 to 1914' JEH 1980 pp. 309-330 HD1 - E.Maschke, 'Outline of the history of German cartels from 1873 to 1914' in Crouzet, F. ed. (1969), Essays in European Economic History 1789-1914. HC240 C95 [REC] - Chandler, A.D. (1990), Scale and Scope; the Dynamics of Industrial Capitalism HD2785 C45 [1_WK] Part IV, esp ch 12 - Marshall, Alfred Industry and Trade HD2326 M37 [REC] ch IX & X, pp 544-576 - Haber, L.F. (1971), The Chemical Industry 1900-1930 in Wengenroth, U. (1994), Enterprise and technology: the German and British Steel Industries 1865-1895. HD9523.5 W47 [NORM] - G Herrigal Industrial Constructions: the sources of German Industrial Power HC290.5.I52 H56 [1_WK] - D Barbezat 'A price for every product, every place: the international steel export cartel 1933-9' Business History v.33n 4 1991 pp 68-86 HD1 If you speak German, you could also look at: - Feldenkirchen, W. (1982), Die Eisen und Stahlindustrie des Ruhrgebiets HD9523.7.R F31 [NORM] - Sombart, Werner, 1863-1941. Die deutsche Volkswirtschaft im neunzehnten Jahrhundert und im Anfang des 20. Jahrhunderts : eine Einf|hrung in die Nationalvkonomie. HC285 S69 [NORM] - Wellhoner, V. (1989), Grossbanken und Grossindustrie im Kaiserreich . HG3048 W45 [NORM] Week 14 Multinational Enterprises Can we predict which countries will produce MNEs? Can we predict which sectors they will be in? Why have MNEs grown so rapidly in the post-1945 period? - A Chandler 'The Growth of the Transnational Firm in the United States and the United Kingdom' Economic History Review 1980 [main and course collection] - L Hannah 'Multinationality: size of firm, size of country and historical dependence' Business and Economic History 1996 HC10 - G Jones (ed) British Multinationals 1986 introduction HD2755.5 B86 [1_WK] - A Montenegro 'The development of Pirelli as an Italian Multinational 1872-1992' in G Jones and H Schroeter (eds) The Rise of Multinationals in Continental Europe 1993 HD2755.5 R59 [1_WK] - G Devos 'Agfa-Gavaert and Belgian MNE' in G Jones and H Schroeter (eds) The Rise of Multinationals in Continental Europe 1993 HD2755.5 R59 [1_WK] - P Friedenson 'The Growth of Multinational Activities in the French Motor Industry 1880-1914' in P Hertner and G Jones (eds) Multinationals: Theory and History (1986) "Determinants of firm success" Week 15 ILMs What is the role of ILMs in understanding business history? Are ILMs specific to certain types of firm? industry? nation? - C Kerr, 'The Balkanisation of Labor Markets' in E.W. Bakke et al., Labor Mobility and Economic Opportunity pp. 92-110 HD5706 B16 [NORM] - H Gospel Markets, Firms and the Management of Labour in Modern Britain esp pp. 23-36, 61-78, 148-67 HF5549.2.G7 G67 [REC] - J Kocka 'Capitalism and Bureaucracy in German Industrialisation before 1914' EcHR 34, 3, 1981 HD1 [Main and Course Collection] - S.M. Jacoby 'The Origins of Internal Labor Markets in Japan' Industrial Relations 18 pp 184-96 HD6951 - H Odagiri Growth through Competition, Competition through Growth: Strategic Managenment and the Economy in Japan ch 3, pp. 48-77 HD70.J3 O21 [course] Week 16 Education and Managament Is there are relationship between good management education and good management? Has British education hampered British business? - S. Ariel Aaronson 'Serving America's Business? Graduate Business Schools and American Business' Business History January 1992, HD1 - W Byrt Management Education: an international study HD30.4 M26 [1_WK] - R Locke 'Educational traditions and the development of Business studies after 1945: an Anglo-French-German comparison' Business History January 1988, HD1 - SJ Prais 'Vocational Qualification of the labour force in Britain and Germany' National Institute Economic Review HB1 [main and course collection] - J Storey 'Managerial Careers and Management Development: A Comparative Analysis of Britain and Japan' Human Resource Management Journal April 1991 HD4904.7 Week 17 Business Leaders and the Family Firm Is the influence of the family to be lauded or condemned? Does the generation matter? Is the influence different in different countries? - Y Cassis Big Business: The European Experience in the Twentieth Century pp. 123-131 HD2356.G7 C34 [SET] - H Berghoff and Moller R., 'Tired Pioneers and Dynamic Newcomers? A Comparative Essay on English and German Entrepreneurial History, 1870-1914', Economic History Review XXXXVII, 2 (1994). HD1 [main and course collection] - Tom Nicholas' New LSE Working Paper on this Subject - available (hopefully!) from Tim or Linda - Coleman D. C., 'Gentlemen and Players', Economic History Review XXVI (1973) HD1 [main and course collection] - Roper, M., Masculinity and the British Organisation Man Since 1945 (Oxford, 1994). (Good chapter on family firms and the emergence of managerial capitalism) HD38.25.G7 R76 [REC] - Think back to your Chandler readings. Week 18 Utilities and Government intervention What problems do governments face when trying to regulate private monopolies? Are they likely to be the same everywhere? Do we know the solutions to these problems? - M Bishop, J Kay and C Mayer (eds) The Regulatory Challenge Introduction. HD4145R34 [course coll] - CD Foster Privatisation, public ownership and the regulation of natural monopoly chs 6-8, pp 186-290 HD3616.G7 F75 [course coll] - M Armstrong, J Vickers, S Cowen Regulatory reform: economic analysis and British experience ch 6 HD 3616.G72 A73 [course collection] - MA Abdala 'The regulation of newly privatised firms: an illustration from Argentina' in W Baer and MH Birch (eds) Privatisation in Latin America HD4010.5 P96 [course collection]