In many markets, organizations compete with rivals from all over the world, transcending national boundaries. We offer a theory to explain patterns of global competition, proposing that global competition "coevolves" in an ecology of learning organizations. Our theory points to certain conditions under which such evolution intensifies competition, but also to patterns of adverse selection within and among organizations. We test our theory in a study of organizational failure rates among all computer hard disk drive manufacturers that have ever existed, and find that our theory is able to explain patterns of competition in that industry over its history. William P. Barnett is an Associate Professor of Strategic Management and Organizational Behavior at the Graduate School of Business, Stanford University. He studies competitive systems within and among organizations, focusing especially on how competitiveness evolves as organizations grow and change. This research includes empirical studies of the evolution of organizational performance, the organizational and career determinants of entrepreneurship, the effects of technological and regulatory changes on competition among organizations, and how competitiveness evolves over time and across markets. His work reports on a range of firms and industries, including organizations in telecommunications, semiconductor manufacturing, beer brewing, newspaper publishing, and banking. Most recently he is studying the evolution of the computer industry. In 1988 he received his Ph.D. in Business Adminstration from the University of California, Berkeley.