... did not set out to destroy the large corporation. Instead, each attempted to protect the legitimacy of the system by using existing law against t… - Neil Fligstein

The farther afield mergers were, the less likely antitrust authorities were to intervene. Growth through mergers required that finance-oriented managers choose their targets carefully. They sought profitable and growing industries where their capital would earn higher rates of return and avoided mergers where the threat of antitrust prosecution might exist.

The firm-as-portfolio model implies both a practice (growth through diversification) and a form (the conglomerate). Unrelated diversification entails buying businesses in industries that are neither potential buyers, suppliers, competitors, or complements to the firm’s current business.

State building can be viewed as the historical process by which groups outside of the state are able to get domains organized by the state to make rules for some set of societal fields. These rules reflect the interests of the most powerful groups in various fields. Politically oriented social movements are, by definition, outside of some established field of a given state. They are oriented toward either creating a new domain where they will have power, or taking over and transforming an existing domain or even the entire state. At any given moment, there are political projects in the fields that make up states (i.e., “normal politics”) and social movements oriented toward altering incumbents’ ability to set rules.