The dean of business historians continues his masterful chronicle
of the transforming revolutions of the twentieth century begun in
"Inventing the Electronic Century,"
Alfred Chandler argues that only with consistent attention to
research and development and an emphasis on long-term corporate
strategies could firms remain successful over time. He details
these processes for nearly every major chemical and pharmaceutical
firm, demonstrating why some companies forged ahead while others
failed.
By the end of World War II, the chemical and pharmaceutical
industries were transformed by the commercializing of new learning,
the petrochemical and the antibiotic revolutions. But by the 1970s,
chemical science was no longer providing the new learning necessary
to commercialize more products, although new directions flourished
in the pharmaceutical industries. In the 1980s, major drug
companies, including Eli Lilly, Merck, and Schering Plough,
commercialized the first biotechnology products, and as the
twenty-first century began, the infrastructure of this
biotechnology revolution was comparable to that of the second
industrial revolution just before World War I and the information
revolution of the 1960s. "Shaping the Industrial Century" is a
major contribution to our understanding of the most dynamic
industries of the modern era.
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