This article was first published on Harvard Business Review on 7th June 2017

Ronald Coase nailed it back in 1937 when he identified scalable efficiency as the key driver of the growth of large institutions. It’s far easier and cheaper to coordinate the activities of a large number of people if they’re within one institution rather than spread out across many independent organizations.

But here’s the challenge. Scalable efficiency works best in stable environments that are not evolving rapidly. It also assumes that the constituencies served by these institutions will settle for standardized products and services that meet the lowest common denominator o...

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