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The Toyota Way by Jeffrey Liker

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Chapter 7Principle 1: Base Your Management Decisions on a Long-Term Philosophy, Even at the Expense of Short-Term Financial Goals

The most important factors for success are patience, a focus on long-term rather than short-term results, reinvestment in people, product, and plant, and an unforgiving commitment to quality.

—Robert B. McCurry, former Executive V.P., Toyota Motor Sales

 

In the last few decades, the world has been moving in the direction of capitalism as the dominant socio-economic system. The prevailing belief is that if individuals and companies pursue their self-interests, supply and demand will magically lead to innovation, economic growth, and overall economic well-being for humanity. While it is comforting to think we can all ...

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