Cooperative activities, or joint ventures, are becoming increasingly popular as instruments of strategic action. But although more and more companies are entering into these alliances full of hope and enthusiasm, past experience shows that most will likely experience the disillusionment of having their ventures fall apart. William Murphy contends that our understanding of the strategic management of collective action needs improvement if the hoped for benefits of cooperation are to be realized. In this work, he examines the management of a specific type of cooperative action that has become critically important to company and national competitiveness: the cooperative research venture.Murphy thoroughly details this new class of inter-firm cooperation to produce knowledge, which has only recently been made possible by changes in the competitive and legal environments. He begins with an introduction and review of the prior literature on cooperative ventures, followed by an extensive survey of competition and cooperation. The management challenges of cooperative research, particularly the need to forge a consensus among participants, are examined in a brief chapter, which precedes four studies of specific cooperative ventures: the Chemical Industry Institute of Toxicology, the Microelectronics and Computer Technology Corporation, Sematech, and U.S. Memories. A final chapter draws conclusions and lessons from the examples, and three appendixes detail antitrust laws applicable to cooperative ventures, Japanese and European microelectronic and computer ventures, and cooperative ventures under NCRA. This work will be an important resource for executives and managers in companies involved in research and development, as well as for college courses in business and economics. Public and academic libraries will also find it to be a valuable addition to their collections.