‘The most up-to-date and complete form of capitalist organisation the world has ever seen’ – The rise and fall of the British armour plate ring, 1860–1914
本文研究爱德华时期为英国皇家海军供应军舰装甲板的卡特尔“联盟”，发现其实际效果远不如历史描述的那样成功，内部稳定性主要依赖知识产权保护和组织惯性，最终因作弊、技术颠覆和海军垄断而逐渐失效。
In the Edwardian period, an arms cartel called the Ring existed to supply warship armour plating to the Royal Navy – but relatively little is known about it. Historiographical portrayals typically assume that the Ring operated as a cohesive unit, dominated naval-industrial relations, and were an overall success. This article argues however that the Ring was much more ineffectual than believed, owing its endogenous stability primarily to intellectual property protections and organisational inertia. Attempted cheating, technological disruption, and Admiralty monopsony formed a wedge that slowly crippled the cartel’s functionality. The Ring was consequently rendered impotent long before it finally expired.