The field of Strategic Management has explored a range of new questions regarding technical change, firm capabilities, and executive decision-making, producing insights into the development of firms and unfolding of competition over time. These insights point to the importance of industry...

In this paper, we study the evolution of private military corporations (PMCs), which are for-profit organizations that subcontract military field services to sovereign authorities as well as to others. Between Eisenhower's famous “military-industrial complex” speech in 1961 and the post-9/11...