Abstract
The coevolution of technological and organizational change shapes modernization in mature industries. Only large, vertically integrated, managerial firms can bear the delays between the adoption of new information technologies and their positive effects on productivity growth. A feature of the Italian cotton industry is the highly specialized, colocalized, family-owned small firm that is functionally organized. It emerged in the 1970s to cope with the introduction of technological changes such as shuttleless looms and open-end spinning. This structure risks delaying the successful implementation of technological innovations. An industrial policy aimed at the adoption of both technological and organizational change could counterbalance the trend toward decline. Copyright 1998 by Oxford University Press.
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