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The rise and fall of the state-owned picture tube factory Valco: An analysis of the causes and consequences of the failure
Valco (1976–1980) was a state-owned company that manufactured cathode ray tubes for the television industry. The company’s scandalous failure has been widely identified as one of the largest investment errors in Finland’s economic history. This book is the first in-depth study of the roots, events, and consequences of that project.
This study analyses Valco from a microhistorical perspective, looking at the numerous factors that led to its failure, from the company’s founding process to investigations after its demise. These events are linked to broader phenomena in economic and business history, such as the changing economic policy of the government and the emergence of global supply chains in the electronics industry.
Valco is a significant single case with a concrete impact on Finland’s economic history. First, it changed the general perception of state-owned companies and, because of this, also more general perceptions of the role of the state in the economy. As a result, the initiative to develop the electronics industry was transferred to private companies such as Nokia. Second, Valco’s case revealed the problems of state ownership of companies in a very concrete way. Due to Valco’s failure, the objectives of state ownership were clarified, and the corporate governance system was modernised. In this way, Valco is linked to the modernization of Finnish state capitalism from the 1970s onwards.
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Kalajoki Clash. The Last People’s Rebellion in 1953
Nothing exceptional happened in front of the youth association building in Kalajoki on 9 September 1953. There was a minor confrontation between regional police forces and local youth, but hundreds of similar events happened in small municipalities across Finland. The event took about ten minutes, nobody was seriously hurt, and collective feelings quickly calmed down. However, after extensive investigations, the regional prosecutor thought otherwise and prosecuted half a dozen local men for rebellion against the state in January 1954. The district court agreed. The municipality was shocked, and the Finnish society was taken by surprise. The case ended up in Supreme Court. This book analyses why and how the last rebellion in the history of Finland occurred in a tiny municipality on the west coast of Finland. The analysis is based on historical microsociology that integrates the insights of microhistory and microsociology into event structure analysis and collective memory studies.
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