Aufstieg und Auflösung der Deutschland AG (1896-2010): Unternehmensverflechtung in Deutschland, Frankreich und in den USA

Abstract

In the late 19th century, a relatively dense network arose among major public corporations. The network developed as an important economic institution of the emerging managerial capitalism. It was created by multiple directors who held many board positions (big linkers). The network offered an opportunity structure for the coordination of market strategies (regulated competition) and for the self-monitoring of management. The structure of the corporate network is analyzed for the period from 1896 to 2010 for Germany, France, and the United States. Network density was particularly high in Germany during the interwar period. During the 1990s network density continuously declined, and by 2010 the corporate networks were effectively dismantled, with little discernible difference between Germany, France, and the United States.