• Introduction
• The industry life cycle and the changing knowledge environment
— The survival of incumbent firms
— The emergence of new firms
— The development of innovation networks
• Historical trends
— The long term trend in the development of the capitalist system
— A secular trend towards growing knowledge intensity in capitalist economies
— The emergence of a radically new type of knowledge, corresponding to a new paradigm
• Knowledge and industry life cycle in the visible and vanishing hands
— ILC and the visible hand: vertical integration and the coordination of distinct knowledge bases
— ILC in the transition phase: vertical desintegration and the progressive overlap of knowledge bases
— ILC in the vanishing hand: knowledge base within INs
• The case of telecommunications and biotechnology
— Knowledge dynamics
— The co-existence of LDFs, NTFs within INs
• Summary and conclusions
• References