Pick any industry and chances are that it looked very different in the 1970s than it did in the 1980s. Likewise, the industries of the 1980s had changed drastically by the succeeding decade. Agribusiness. Air travel. Auto manufacturing. Banking. Biotech. Computers. Electronics. Pharmaceuticals. Steel. Software. Telecommunications. Each of these established industries has passed through one or more wringers over the past several decades. Quality improvement.Adoption of new methods. Adaptation to new technologies. Response to regulatory change. Facing up to new competitors. And most will be forced through a new set of changes in the years ahead.

If the industries themselves have changed so drastically, clearly the companies within ...

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