Chapter One. Topsy-Turvy: The Sky Is Falling!
FOR MOST OF THE TWENTIETH CENTURY, American businesses were fat, dumb, and happy. American products dominated their industries, corporate treasuries were rich, and the word “global” was never heard outside third-grade geography classrooms.
Of course, many companies were brought to their knees during the 1930s, but then World War II changed everything. The American economy took off on a spectacular trajectory that dominated for decades.
American businesses had no real competition. The same two oceans that had protected us from military invasion also protected us from economic competition. In addition, the industrial infrastructure of Japan and much of Europe had been destroyed during the war. While they ...
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