[gota]

I understand the argument, but it seems large companies are seldom, or never, overtaken by others. They entrench themselves by regulatory capture, advantages of economy os scale, and survive virtually indefinitely even in shrinking markets

If we don't count "missing the boat" (as happened regarding search/mobile/social media), which arguably happens because of disruption from the newcomers and not mismanagement/underperformance at the oldtimers, what large companies have failed in the last 20 years?

Core to this point is that mega companies are only at threat from disruption, and it doesn't matter whether they're private or state owned for that

(I am of course ignoring companies that go under from criminal, as in corruption, mismanagement. I guess those are much more prevalent between the state-owned, for obvious reasons)