“The Nature of the Firm”—and the Eternal Life of the Brand

Abstract

Explanations of why firms exist and evolve and how intellectual property—including trademarks—contributes to their growth, survival, and impact on globalization and deglobalization have been widely studied in business history and in other fields. Drawing on the study of firms with multinational activity, this article argues that ownership of strong brands can have multiple impacts on the nature of the firm, on the dynamics of industries, on processes of globalization and deglobalization, and on shifts of power and wealth. In the process of doing so, this paper also argues that business history has great potential to have an impact beyond the field, serving as a “hub” for dialogue between disciplines. To achieve that, business historians need to remain truthful to their core competences, which include conducting well-grounded archival-based research, taking into account the uniqueness of the firm and the complexity of the environment, and conducting research that is comparative and international. This article is based my presidential address presented at the Business History Conference on March 16, 2019, in Cartagena de Indias, Colombia.