How oil companies make money, and some other aspects of a most important enterprise: Brad DeLong's Semi-Daily Journal: John McGowan Seeks a Guide for the Perplexed.
But that's not the best part of the essay. DeLong continues on to discuss how American business shifted from a paternatlistic management style in the 1910-1980 period to an ownership coopetition mode in 1980 and beyond.
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