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managerial capitalism

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The prevailing form of capitalism for most of the 20th century, in which markets were dominated by large bureaucratic organizations led by teams of salaried executives. This differed from earlier forms of capitalism, in which decision making and most day-to-day management functions were carried out directly by the owners. In the view of many commentators, the managerial model began to wane in the late 20th century, owing to a range of factors that include the advent of information technology, the growing importance of intellectual capital, and the emergence of new patterns of organizational structure and career development.

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