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This article discusses knowledge within organisations. In contrast to the traditional view of the firm, knowledge-based theory of the firm (KBT) defines it as a market-like structure whose principal functions are the protection and integration of the specialised and tacit knowledge of individuals. A firm's competitive advantage largely derives from how well it performs these functions. The central tenet of this article is that effective corporate knowledge management demands a vision of the firm as a knowledge centred enterprise. Key issues include selection and management of knowledge resources, balancing knowledge demand and supply and acquiring the knowledge of other firms.