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It was actually a really successful model during WWII. A tank (or something) would be designed by one group and then 5-6 different manufacturers got a contract to manufacture it. We made tons of tanks at very competitive prices.

As the article points out, modern procurement is a different story.

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As far as I can tell, the defence companies we’re talking about were not public back then?

They were - they were just general manufacturers. You even had companies like Chrysler and IBM taking gun manufacturing contracts.

Yes, they were. Back in WWII, pretty much every companies were in the war effort. IBM made rifles and Ford made bombers (B-24s).

Those were "public" as in state-controlled. These are "public" as in publicly traded. Very big difference.

WW2: 1939-1945

IPO years per my research -

Raytheon: 1952

Boeing: 1962

Lockheed Martin: 1994

Northrop Grumman (pre merger): 1939

Hard to find clear sources on this, but doesn’t seem like the major defense contractors we’re talking about were public during WW2.

Ah, I tho OP means back then, the defense manufacturers weren't public. I didn't realize they meant today's defense contractors.

I don't get it. Lockheed and Martin were different companies in WW II.

What does that have to do with issuing stock?

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