Innovation's Golden Triangle: Finance, Regulation, and Science at the Bell System, 1877–1940

Paul J. Miranti

Business History Review, 2016, vol. 90, issue 2, 277-299

Abstract: This article explains how the Bell System succeeded during the presidency of Theodore N. Vail (1907–1919) in reversing a declining business trend by laying the foundations for sustained technological achievement through the development of an operating model that satisfied corporate imperatives related to finance, regulation, and research. By exploiting the potentials of rate-base regulation, Bell was able to create strong scientific capabilities that supported the growth of what became arguably the world's premier telecommunications system. The legacy of these efforts includes the winning of seven Nobel Prizes by Bell scientists, an achievement unequaled by any other industrial laboratory.

Date: 2016
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