When competition is fierce and elbows are flying, nothing is more natural than the desire to climb atop the heap. The biggest firms in most industries have an edge. They probably became the biggest by being the best. (46)They tend to become more efficient as they grow, reaping economies of scale, thus increasing their margins and their advantage over smaller rivals. Being large enough to shape an industry can help. And when the national champion is faltering, there is a fair chance politicians will consider it too big to fail.
(47) So you might think that it’s time to crack open a few cans of the stuff at PepsiCo, which this week surpassed Coca-Cola in market value for the first time in 112 years of crazy competition. And yet, without wishing to spoil Pepsi’s party, the case for celebration is not so clear-cut. As America has discovered in the geopolitics business, being number one is not much fun.
As soon as a firm climbs above the sharp
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