Volume 30, Number 19 · December 8, 1983
The Coming Invasion
By Robert L. Hoilbroner
Nationalized Companies: A Threat to American Business
by R. Joseph Monsen, by Kenneth D. Walters
McGraw-Hill, 178 pp., $17.95
Fifteen years ago Jean-Jacques Servan-Schreiber sent a chill through the West with the opening words of The American Challenge: 'Fifteen years from now it is quite possible that the world's third greatest industrial power, just after the United States and Russia, will not be Europe, but American industry in Europe.' We can now see that Servan-Schreiber was wrong about the continued predominance of American industrial power, but right about 'multinationalization' as marking a new chapter in the economic history of capitalism. In much the same way, Joseph Monsen and Kenneth Walters, professors at the business school of the University of Washington, may be wrong about the nature of the 'threat' of nationalization, but I believe they are right in calling attention to a striking change in the structure of economic life. This is the rise of state-owned companies, as perhaps the most rapidly expanding form of modern enterprise.
Review, 2938 words
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