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This paper uses nanoeconomics and historical methodology to advance strategic management research, focusing on the coevolution of firms and industry. We demonstrate the power of these methods through a study of Meiji Era Japanese cotton spinning industry from its state‐supported founding through its development into a sustained, globally competitive presence. We shed light on the role of superior human and organizational capabilities of industry leaders. In particular, we demonstrate that these helped the industry leaders to overcome deep, systematic structural factors to make a few firms highly productive and able to move the entire industry into high growth and to respond to and thrive in dynamic environments on the world stage . Copyright © 2015 John Wiley & Sons, Ltd.
Braguinsky et al. (Mon,) studied this question.