Peter F. Drucker on Practical Leadership

CHAPTER FIVE

The Lessons of the U.S. Export Boom

THE MOST IMPORTANT EVENT in the world economy during the 1980s was surely the boom in U.S. manufacturing exports. In just five years, from 1986 to 1991, these exports almost doubled, with the biggest increases in sales in our major competitors, Japan and West Germany.

This came as a surprise to businessmen, economists, and government forecasters. When the overvaluation of the dollar, especially against the yen, was corrected in the fall of 1985, everyone was absolutely certain that imports into the U.S. would fall sharply. Instead they have risen steadily, thanks mainly to our unquenchable thirst ...