The challenge in business today is to survive. The happy constancy of economic growth, during the previous few decades, created a comfortable complacency in managers who spent more time massaging past strategies that seemingly worked than worrying about change and the sharp features of a looming crisis. While there have been bumps every decade or so, on the road to higher revenues and profits, these were seen more as business cycles rather than indicators of a system starting to come apart at the seams. The global meltdown was a failure of economics as much as bad decision making. It was also due to the flawed structure of financial markets still in need of much repair. The economic system ignored the real economy, which is based on the ...

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