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Rethinking the Role of Business

WE LIVE in extraordinary times. Remarkable social, political, and economic forces are at work in the aftermath of the violent confrontations between fascism, Soviet communism, and democracies in the West. The relative peace since the end of World War II has seen unprecedented economic growth despite a nearly constant low level of regional war. A host of nations—including the People’s Republic of China—have chosen to join the market system and have prospered mightily. A global network of enterprise has emerged, linking giant enterprises in major nations with small businesses in emerging nations. Increasingly, the world operates as one economic system.

At the core of this system are independent companies, primarily ...

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