The Economist (US), January 21st, 1989
Phoebus as phoenix
Before the second world war the electrical industry was dominated by Phoebus, a worldwide cartel of general electrical companies. Half a century later, some of its former members have rediscovered the virtues of alliance in the form of joint ventures. They have forgotten its vices.
If Britain's GEC can pull off its restructuring according to the management's plans, around 40% of its $11.2 billion turnover will be tied up in joint ventures. This may seem to make sense in the face of faltering sales and rising development and marketing costs. But the forces that make joint...
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