Friend, Rival, Client: The Internal Market Paradox Inside Diversified Industrial Empires
Vertically integrated conglomerates routinely encounter a structural paradox: the same subsidiary that competes with an external rival may simultaneously depend on a sister division as its largest customer. Managing these overlapping relationships demands a level of organizational sophistication that goes far beyond conventional corporate governance. The groups that solve this problem unlock a source of competitive advantage that no standalone company can replicate—and those that fail to solve i