Authorised by Academic Registrar, April 1996
Objectives On completion of this subject students should understand why firms exist and the historical processes by which firms have grown; have critically examined three major approaches to the firm - neo-classical economic theory, behavioural theories and managerial theories; be aware of the economic, social and political consequences of the growth of large corporations and the increasing levels of concentration in many markets; have developed analytical, written and oral skills by writing a short essay, preparing and presenting a syndicate report, and completing a research report.
Synopsis The rise of the joint stock company and the emergence of the large firm over the past 150 years lie at the heart of the transformation of western industrial economies. This subject explores a number of related questions regarding firm growth, drawing on recent work in business history as well as new insights from economic, behavioural and managerial literature. Basic questions will be asked, such as, why do firms exist? Are there limits to the size of firms? The economic, social and political consequences of the growth of large firms will also be examined.
Assessment Short essay (1500 words): 15% + Syndicate report (2000 words): 35% + Research report (3500 words): 50%