Book Description
Perspectives from leaders in decision science at Wharton
Organized in part through Wharton's Risk Management and Decision Processes Center, the book assembles leading researchers from Wharton's business faculty who demonstrate how to apply the latest approaches in decision-making from four perspectives: personal, managerial, negotiator, and consumer. Each chapter describes how decisions are actually made, presents the ideal scenario, and then provides practical suggestions for improvement. The subjects range from when consumers will choose variety, integrating intuition into decisions, and applying game theory and strategic decisions, to decision factors in negotiations and how choices are made about insurance and health care.
Customer Reviews:
A good researched book.......2007-05-14
It's a very good book, however it's more like a textbook and reading it requires a lot of diligence. But the effort is worth spending.
If you cannot decide whether or not to buy this book, you probably need it........2006-08-04
This is one of the volumes which comprise a series published by John Wiley & Sons. It was edited by Stephen J. Hoch and Howard C. Kunreuther with Robert E. Gunther. In the first chapter which serves as an introduction, Hoch and Kunreuther examine what they characterize as a "complex web of decisions." As they observe, "We need to make the decision making process conscious, to be aware that we are cutting corners and when we need more thorough analysis. Building this awareness of the process - especially given the new complexities of decision making in our modern age - is crucial to successful management....The goal of this book is to build this awareness of the intricacies of the decision-making process." Collectively, the 16 contributors explore decision making on four separate but related levels: as an individual, in our role as a manager, in the context of negotiations and other multiparty interactions, and at the broadest level, in terms of how societal decisions can be managed.
Appropriately, the material is organized within Four Parts:
"Personal Decision Making" (Chapters 2-4): Issues addressed include the challenges of personal decisions, the role the emotions play in managerial decisions - for good or ill, how humans make "surprisingly effective decisions" even when using short cuts, and the same approaches can lead to serious errors...and consequences.
"Managerial Decision Making" (Chapters5-8): Issues addressed include how to combine analytical models with intuition and other approaches during the managerial decision-making process, the significant differences between "the expedient Western approach" and the "reflective Eastern strategy" of decision making, and why managers must be able to "manage their own frames, or they will be blinded by their own successes and the limits of their world views."
"Multiparty Decision Making" (Chapters 9-12): Issues addressed include the nature and extent of interactions between and among managers across multiple periods, what Game Theory suggests about how people learn from experience, how reputations affect the way partners and opponents approach negotiations, how these reputations can best be used and shaped, common deceptions in negotiations and how to recognize them, how decision-support systems and resources can help improve negotiation results.
"Impact of Decision Making on Society" (Chapters 13-17): Subjects covered include various uses of medical tests based on analytical models, the impact of personal (Protected") values on societal decisions, what "protected decisions" are and how they are made, the nature of "information cascades" which involve either "learners" or "lemmings," and how and why inconsistencies in private and public decisions suggest a "split personality."
The 16 contributors are to be commended on their collective examination of how people should make decisions, how they actually do so, and how they can improve their decision making. I especially appreciate the generous provision of real-world examples (e.g. Nick Leeson and Barings Securities), as well as reader-friendly check-lists (e.g. lessons for managers based on the Leeson/Barings scandal), charts and graphs which illustrate core concepts, and use of italics and bold face to expedite periodic review of key points.
My guess (only a guess) is that those in greatest need of what this book offers are least likely to invest the time and effort required to absorb and digest the material, much less act upon it. If you are among them, if you have by now concluded not to read this book, reconsider that decision. Odds are, it's a bad one.
Provides helpful scenarios and suggestions for improvement.......2005-05-27
This book presents research findings on how people make decisions. Each chapter discusses how decisions are made, presents a sample scenario, and details how that scenario can be improved. Although the research is helpful, the book is more scientific and no so reader-friendly.
Tools and perspectives that can improve decision making.......2004-04-04
Both editors are Professor at the Wharton School, University of Pennsylvania, which is one of the highest-ranked business schools in the world. Stephen J. Hoch is Professor of Marketing, while Howard C. Kunreuther is Professor of Decision Sciences and Public Policy and Management. Robert E. Gunther serves as coordinating writer. The book is split up in 4 parts, with each part consisting 3-to-5 standalone chapters.
Chapter 1 - A Complex Web of Decisions serves as an introduction to the book, explaining that we make a wide range of decisions every day. It starts with a very strong point: "Most of us do not make great decisions, and few of us are aware of this fact." However, through the different chapters in this book the editors hope to improve our awareness of the intricacies of the decision-making process. "We examine how people should make decisions according to the models, how they actually behave, and how they can improve their decision making."
The set-up of the book is that we look at decision making from various levels, from an individual/detailed level to a very broad level. In Part I - Personal Decision Making, consisting of 3 chapters, the authors look at individual decision making. These decisions are often influenced by emotions, intuitions, and a focus on present versus future consequences. "How do these factors influence decision making? How can we use these personal assets and foibles to make better decisions?" Understanding these factors should allow us to improve our personal decision making.
The second part, Managerial Decision Making, consisting of 4 chapters, focuses on the managerial decision-making process. "We may be more concerned in this role with using models to set up decision processes in our organization, balancing speed and reflection, dealing with complexity and reframing questions to break out of traditional mind-sets." This part provides us with a variety of tools and perspectives that can help our decision making with an interesting chapter on the differences in Eastern and Western decision making, but also a very strong one on framing of decisions.
Part III - Multiparty Decision Making moves from a single manager to the next level of complexity - interactions among several managers in negotiations across multiple periods. It discusses critical issues at this level. This part, in particular, shines new light on a number of decision making issues. It provides a link with game theory (the field of strategy making), reputation, negotiations, and the impact of modern communications technologies on negotiations.
The final and broadest perspective is discussed in Part IV - Impact of Decision Making on Society. Decisions on this level involve a mix of personal and collective values and reflect quirks in how we prepare for high-impact, low-risk events. And there are some amazing conclusions in this part, whereby we sometimes follow the crowd in the wrong direction and the different approaches between our public and private decisions.
Although this book is named 'Wharton on Making Decisions', there are various chapters by specialists from other academic institutions. Each chapter is an excellent piece of work and can be read on a stand-alone basis. However, as a collection it enables us to improve our understanding of the decision making process on different levels, which should enable us to make better decisions, which, in turn, should result in outstanding outcomes. The insights are based on the latest research in this field (this book was initially published in 2001). Please note that the book is written in somewhat academical language.
Great Book!.......2002-12-12
Informative---covers just about every area of decision sciences.
Very readable with solid examples and great insight into the theory as well as the the subtleties and nuances of making better decisions. Academically oriented, but with strong practical applications.
Amazon.com
"Gene therapy, electronic commerce, intelligent sensors, digital imaging, micromachines, superconductivity, and other emerging technologies have the potential to remake entire industries and obsolete established strategies," write George S. Day and Paul J.H. Schoemaker in the opening to Wharton on Managing Emerging Technologies. Their book is a comprehensive look at the high-tech future facing existing firms and the ways they must weigh and accommodate its impacts in order to compete in the future. Based on six years of research with Charles Schwab, Amazon.com, and other techno pioneers, Day and Schoemaker present "insights, tools, and frameworks" developed by Wharton's Emerging Technologies Management Research Program for managers who want guidance in this fluid, new arena. For example, in demonstrating how the upstart PalmPilot solidly captured its market despite established competition, they identify the traps that stymied rival products from Apple, IBM, Sony, and Microsoft as "delayed participation, sticking with the familiar, reluctance to fully commit, and lack of persistence." They then detail solutions that, in this case, are characterized as "widening peripheral vision, creating a learning culture, staying flexible in strategic ways, and providing organization autonomy." Other similarly specific yet universal sections address public policy, financing, and alliances. --Howard Rothman
Book Description
Emerging technologies such as the Internet and biotechnology have the potential to create new industries and transform existing ones. Incumbent firms, despite their superior resources, often lose out to smaller rivals in developing emerging technologies. Why do these incumbents have so much difficulty with disruptive technologies? How can they anticipate and overcome their handicaps?
Wharton on Managing Emerging Technologies presents insights, tools, and frameworks from leading busi-ness thinkers based on the research of Wharton's Emerging Technologies Management Research Program. This pioneering industry-academic partnership, established in 1994, is one of the longest and broadest initiatives on the management of emerging technologies. For the first time, this book distills the insights from the program into a single volume for managers, covering a wide range of issues related to the successful management of emerging technologies.
The editors contend that managing emerging technologies represents a "different game," requiring a different set of management skills, frameworks, and strategies than those used by established firms to manage existing technologies. In this book, experts from diverse fields examine key issues such as:
- Common pitfalls and potential solutions for incumbent firms in managing emerging technologies
- Strategies for assessing the potential of new markets and designing technologies to take advantage of market "lumpiness"
- The need for scenario planning and "disciplined imagination" to develop strategies under uncertainty
- The limits of patents in protecting gains from technology, and the use of lead time and other strategies
- The power of innovative financial strategies and the use of real options in making investments
- Using alliances and new organizational forms
- Developing a "customized workplace"
Wharton on Managing Emerging Technologies represents a powerful survival kit for managers "dropped behind the lines" of these new technologies. The authors provide a comprehensive set of tools and insights that will help you understand the new challenges and develop effective strategies to succeed at this different game.
Praise for WHARTON on MANAGING EMERGING TECHNOLOGIES
"New technologies are transforming markets, businesses, and society at an ever-increasing rate. We have a critical need for better road maps for managing our way through this new terrain. This book offers critical insights and useful new models for thinking through these challenges."
-Professor Thomas Gerrity, Director of the Wharton e-Commerce Forum
"Wharton on Managing Emerging Technologies covers the emerging technology landscape-from strategy to finance to human resources-in a way that only a group of top scholars from many disciplines could do. Insightful, accessible, and smart ideas that make for 'must reading' for thoughtful executives in today's turbulent economy. The authors prove, once again, the power of research to yield deep insight into tough business problems."
-Kathleen M. Eisenhardt, Professor of Strategy and Organization, Stanford University and coauthor, Competing on the Edge: Strategy As Structured Chaos
"Wharton on Managing Emerging Technologies offers valuable insight for large established companies seeking growth in a dynamic market of rapid technological advancement. The entertaining cases and thoughtful analyses help managers create strategies, select options, and organize to successfully manage the interface between imagination and knowledge."
-Jerry Karabelas, PhD, CEO, Novartis Pharma AG
Customer Reviews:
How to "win" when playing a "different game".......2006-08-19
This is one of the volumes which comprise a series published by John Wiley & Sons. It was edited by George S. Day and Paul J.H. Schoemaker with Robert E. Gunther. (Day and Schoemaker are co-authors of the recently published Peripheral Vision, published by Harvard Business School Press.) In the first two chapters which serve as an introduction, they suggest that a "different game" with different rules is now being played, and suggest how to avoid the various "pitfalls" of merging technologies. The material which then follows is carefully organized within Four Parts.
"Assessing Technologies": Day and Schoemaker explore technologies' various paths of development, recommend frameworks for evaluating them, and suggest what the role of government should be during the emergence of both technologies and industries.
"Managing Markets": They examine why emerging markets (so different from mature technology markets) require new approaches to research and assessment.
"Making Strategy": They explore the various demands of strategy formulation in emerging technology firms which include the need to combine discipline and imagination, the use of scenario planning, and strategies for dividing the joint gains.
"Investing for the Future": In this final Part, Day and Schoemaker offer insights on using real options to help assess the value and potential of emerging technologies for projects in which NPV may be negative.
For whom will this brilliant book be most valuable? I suggest two different groups of decision-makers. First, those in organizations which have begun - or are about to begin - development of technologies which they hope can achieve and then sustain a competitive advantage and require expect guidance on how to manage those technologies effectively. Also, those in organizations which need expert advice when confronted technologies (developedelsewhere) which will create disruption of a given competitive marketplace and thus pose a serious threat.
For executives in both groups, there really is a "different game to be played," one which has different rules. Winning or losing that game may well depend on understanding the issues and concepts which Day and Schoemaker explain with both rigor and eloquence in this book.
Those who share my high regard for it are urged to check out Day and Schoemaker's aforementioned Peripheral Vision as well Eric Drexler's Engines of Creation, Geoffrey Moore's Dealing with Darwin, Kellogg on Innovation & Technology co-edited by Ranjay Gulati, Mohanbir Sawhney, and Anthony Paoni, The Future of Technology edited by Tom Standage, Thomas S. Kuhn's The Structure of Scientific Revolutions, and Joel Mokyr`s The Lever of Riches.
It's a tremendous book. Very much applied to real life........2000-10-20
It's a tremendous book about emerging technologies which many medium to large companies and executives have to tackle with in this new era. Although the book has been written by a group of academics it's very much applied to real life cases and companies. Even the first two chapters of the book can be sold seperate as an executive summary for the subject.Mr.Hakan Eminsoy hakan.eminsoy@fibabank.com.tr from Istanbul , Turkey
Great Stuff !.......2000-09-13
I bought this book on the advice from a friend and was pleasantly surprised. As a founder/CEO of a rapidly growing fiber optic business (where today's Intellectual Property can become tomorrow's dogfood) , I found the book to be a great combination of well-researched information and street-smart insights. A great companion for developing pre-emptive strategies in a technology driven economy.
A "Must Have" Handbook.......2000-07-26
This book covers all the bases including human resource planning, financing, managing markets and the all important role of assessing the technologies. A "Must Have" text for anyone chartered with the task of managing the chaotic and fast paced world of emerging technologies.
This book is extreemely well organized and carries the reader through the entire management process. It reinforced and validated many aspects of managing this type of technology that were I personally had to learn by trial and error. Likewise, it provided new alternatives and other key learnings that made reading the book a worthwhile experience. It provides an alternate and improved framework for evaluating this new type of technology, while exposing the pitfalls of applying traditional evaluation techniques.
Customer Reviews:
Capitalism and the New World Economy.......2006-06-05
Stuart Hart is an author, instructor, researcher, and lecturer who has written many books and essays on strategic management and the problems/challenges of globalism in the world economy. His consulting services have been utilized by many large companies including DuPont, Hewlett- Packard, and Proctor and Gamble and he has helped these and other companies like them to develop a more Earth- friendly, poverty- reducing approach to solving the world's problems while still maintaining enough economic momentum to stabilize or even improve the bottom line.
The primary focus of this book is the important task that businesses face in the twenty- first century; namely, the task of expanding the world economy, helping third world nations emerge from poverty, and improving the environment. To many, this idea of companies helping other nations, promoting recycling and environmentally sound business practices, and making a profit seems to be one big contradiction. When most people think of business, we think of the bottom- line goal of earning a profit by whatever means necessary; everything else be damned. But like Hart points out, the reality of environmental issues is too important and too critical for business to ignore. And if the right steps are taken, businesses can not only improve the world and its people, they can also reap profits and other rewards in the process. Thus, not only is it the right direction to take morally, it is also the right direction to take financially and if companies move quickly they can establish themselves as leaders in the global marketplace and enjoy the many benefits that their initiative will bring.
Globalism has been one of the most heated topics in economic discussion groups in the past ten to fifteen years. Proponents of globalism feel that it is the best way to spread prosperity all over the world and eradicate a large number of the world's poor. Opponents, however, have been very vocal in their opposition to globalism, citing many key areas where they feel the earth and its people are worse off when large companies expand to other nations. These activists feel that globalism depletes the world's resources at a faster rate; leads to deployment of "sweatshops" and other inhumane treatment of workers; and does little if anything to alleviate the problems of economic distress, inadequate health care, and the like. But like Hart demonstrates in this book, the pro- globalists and the anti- globalists can and must work together to solve these problems. And he feels that private businesses can make this happen by utilizing present technologies that will produce more abundant goods and services, improve standards of living, and leave the environment unaffected and possibly even better than it was before. Hart is a strong believer that much good can be accomplished if companies will simply change their strategy and embrace the idea of global environmentalism and responsibility. New growth areas exist all over the planet and by integrating some of the new technologies with profitable solutions, companies can make money and make a name for themselves as corporate citizens on a world- wide scale.
Much of what this book talks about seems reasonable now that I have finished it, but I admit that I was a little skeptical at first. How, I wondered, could a company implement all of these changes, pay good wages to foreign workers, protect the environment, and still make a profit? It seems like a very expensive proposition but like the author demonstrates, it really isn't a far fetched idea at all. We have to remember that much of the population of the world lives in conditions that are almost completely devoid of any use of modern technologies. Introducing these technologies can improve productivity drastically- so much so, in fact, that it will easily negate the initial expense of establishing the technology in the first place. One example stated in the book is that of Grameen Phone and Grameen Telecom- two businesses that helped establish a cellular phone network in Bangladesh. Money was loaned to women living in the poverty- stricken rural villages so that they could become private entrepreneurs to sell mobile phone service. The loan money was used to purchase a cell phone and a solar recharging unit and the women were then trained and sent out to sell this service. This business venture has proven to be a great success, profitable in many ways. It has raised many people out of poverty, extended modern technology to people who don't normally have this luxury, and protected the environment through the inclusion of solar charging units. All of this was possible simply because a company was willing to take a chance, grant loans, and extend a useful service to a class of people who would never be able to afford cellular phone service using existing business models.
Most of the information presented in this book deals with spreading economic success to the billions of people in the world who occupy the bottom levels of the economic pyramid but what the author talks about can easily apply to other situations as well. Corporate stewardship and environmental responsibility are admirable goals for a company of any size regardless of whether its customers are economically well- off or financially strapped. Hart concentrates mostly on the problems of the third world because it is here that most opportunity exists and where most of the challenges lie. But much of what he talks about could be applied to anyone, including those at the top of the economic pyramid who consume a large amount of resources with little regard for economic or environmental consequences.
I like the way Hart writes this book. It is well- organized with boldface text to break up different topics/subtopics and with notes at the end of each chapter. I also admire the sense of optimism. Hart is convinced that this approach is not only the right thing to do, it is imperative that corporations take action immediately and if they do so and do it right, they will easily reap the benefits. The old ideas that profit is the number one priority, that humans are disposable components of any business, and that the environment is the concern of governments have all become outdated in the modern world economy.
Overall, Capitalism at the Crossroads is a very good book about business and its critical role in shaping the world economy. Conventional wisdom about what works and what doesn't needs to be tossed aside in favor of (as the author refers to them) "disruptive technologies"- business models that go completely against the established way of doing things and present a fresh perspective tailored to the needs of specific people and cultures that protects the environment and still earns a profit. All of this is possible, and Hart feels it is very important that these large, multi- national corporations wake up and adapt to the new world economy. It is not only economically profitable, it is a necessary part of economic sustainability and world stability.
The bottom line of this book could be summed up as follows: Companies that help other people and protect the environment will be rewarded in many ways, including bottom- line profit, improved living conditions, and a better environment for all. Capitalism is at an important crossroad and the path taken needs to be the one that promotes responsible corporate growth for the good of all.
A Classic.......2006-01-31
The book starts with a overview of the dominant position that is occupied by multinationals in today's global economy. Going by the definition of the term, 60000 multinationals produce a quarter of the global output of products and services. Yet they are owned by less that 1 percent of the worlds population and employ about 1 percent of the world's employable workforce. Meanwhile many of these companies in their race for short term earnings have sacrificed sustainable methods of production. In other words they have done irreparable damage to the earth's environment and created social tensions in many countries. In other words, the pursuit of economic gains is at loggerheads with local cultures and environmental interests.
Then comes the interesting hypothesis termed "The Great trade-off illusion". Earlier companies believed that a certain amount of pollution for example was inevitable and any efforts for its reduction will incur expenses for treatment. This is called "end of the pipeline approach" for treating pollutants. Similarly, large companies serving the top 800 million population of the earth's population adopted similar business models and products across countries and cultures. Two thirds of the population was ignored since it was perceived that this huge segment just cannot afford the goods and services offered by the multinationals.
The author offers a radical approach and introduces the concept of "Triple Bottom-line". How can companies win by offering goods and services that are culturally appropriate, environmentally sustainable and economically profitable. This is not wish or ivory tower theory, but a necessity and practically feasible path argues the author.
To serve the base of the pyramid (BOP) population, companies need to adopt disruptive technologies, incubate them in the BOP markets with appropriate functionality and price points. This also needs innovative business models. One should not look at what is bad ( corruption) or what is missing ( western style institutions) in the BOP segment, but understand and serve their needs through innovative products and services through appropriate business processes.
This is essentially a combination of Prof. Clayton Christensen's disruptive innovations ( The Innovator's Dilemma) and the concept of BOP ( The Fortune at the Bottom of the Pyramid - C.K. Prahalad ).
In my opinion the main take away in terms of an excellent framework for business strategy is the concept of "Sustainable Value Portfolio". Defining the Organization's internal capabilities and external constituencies on the horizontal axis, and managing today's business and tomorrow's business opportunity on the vertical axis, we get four quadrants on which companies can operate. Companies typically operate only on the quadrant of internal capabilities and today's business. This is an approach of incremental improvements and greening. The other quadrant below the horizontal axis is the concept of "extended supplier responsibility" or Product Stewardship taking full responsibility for the product including its recycling, in close interaction with existing customers.
To win in tomorrows world, companies need to operate in and fully leverage on internal capabilities to introduce successful disruptive technologies that can cater to the needs of the un-served four billion population( that will grow to about 8 billion by 2050), or B24B, in a manner that is environmentally sustainable. Companies that understand all the four quadrants well and progressively plan their product portfolio are the winners of tomorrow.
Take the automobile industry for example. The author clearly brings out that till the 1970's this industry produced vehicles that polluted the planet with total disregard to fuel efficiencies. Then the focus shifted to emission norms and recycling of used automobiles. A huge opportunity awaits this sector in exploiting disruptive technologies like hydrogen fuel cells and simultaneously use such technologies to offer low cost transportation in countries like India and China.
The book then gets into a detailed discussion on the BOP realities and the right business models to serve this huge market.
A classic by any account, I personally rate it as one amongst the top 10 business books on my bookshelf. One can feel the author's sense of commitment, deep understanding of and a passion for the topic in every page of the book.
What Capitalism Could Accomplish.......2006-01-16
This interesting and provocative book synthesizes several of the most influential ideas in modern business and distills a new idea: that disruptive innovation at the bottom of the pyramid will solve the crises of environmental pollution, business stagnation and international terrorism at the top. No one can accuse author Stuart L. Hart of thinking small or of lacking imagination. His big ideas are all in place. The only missing element, as he freely admits, is one small detail: how. Capitalism must take a new course, and it's pretty clear what the new course must be, but Hart presents only a vague notion of how businesspeople are to go about turning his vision into reality. We recommend that business leaders read this book anyway, because it will stimulate your thinking about what might be possible. Maybe you'll be the one to figure out how to make the difference.
Partner with Prahalad, Valuable Distinct Contribution.......2005-12-09
Edited to respect new information I did not have before, and thank the person making the comment. Also adding hot links.
The author, who gives full credit to C.K. Prahalad, has been a co-author with Prahalad and they are both credited with this brilliant vision for a new kind of moral capitalism that addresses the needs of the five billion poor.
This book should be viewed as a valuable distinct contribution in its own right, read read with Prahalad's book as well as a third book from Wharton, The Next Global Stage: The Challenges and Opportunities in Our Borderless World As I edit this, I am also remined of Paul Hawkin's Blessed Unrest: How the Largest Movement in the World Came into Being and Why No One Saw It Coming, and the forthcoming book by Medard Gabel, Seven Billion Billionaires, with a preview here at Where to find 4 billion new customers: expanding the world's marketplace; Smart companies looking for new growth opportunities should consider broadening ... consultant.: An article from: The Futurist
It also complements Yale Dean Garten's book, The Politics of Fortune: A New Agenda For Business Leaders which calls on business to be more responsible about the state of the world. All of these books contrast remarkably with William Greider's The Soul of Capitalism: Opening Paths to a Moral Economy, Clyde Prestowitz's Rogue Nation: American Unilateralism and the Failure of Good Intentions and and John Perkins' Confessions of an Economic Hit Man
The math is quite clear. Business had been focused on high profit margins from the top one billion, with disposable incomes on the order of $20K or so. The bottom of the pyramid, five billion people, with disposable incomes on average of no more than $10 a year, represent a four trillion dollar marketplace.
Where business has gone wrong is in being bureaucratic, immoral, corrupt, and focused on outputs for profit rather than listening for solutions that can be profitable (with low profit margins, very high volume, and transformative effect).
I believe that these two individuals could one day win the Nobel Peace Prize for their work, which could literally save the world. As Jonathan Schell tells us in The Unconquerable World: Power, Nonviolence, and the Will of the People there are not enough guns on the planet to keep these four billion dispossesed from impacting on us negatively. We can help them create indigenous stabilizing wealth in their home countries, or we can die with them as we all suffer the end of cheap oil, the end of free water, and the rise of pandemic disease.
This author is an extraordinary talent, equal to Prahalad. It merits comment that Wharton appears to have displaced Yale as a phenomenal publishing house. For me to find three world-class books on this topic, and for all of them to be from Wharton, is noteworthy.
Much Assailed Capitalism Is Probably the Only Answer.......2005-11-22
We live in a time when the very concept of Capitalism has come under attack from nearly every corner: the religious zeelots who think that only the study of God (THEIR God) should be done, the far left who believe that the Government should do everything, and on and on. Each can present stories of things that Government/Charity/Education or whatever has done better on some task. And they have - developing the Internet, wiping out smallpox - to name just two.
What capitalism brings is innovation into areas where Government would get all kinds of opposition from the various wings. Of one thing you can be sure, the future will not be like the past. We can't say just what problems the future holds, but innovation funded by people who have this idea about how they can get rich will be the answer. Yes, as this author says, it must be sustainable, it must be eco-sensitive.
We are running out of oil, to be sustainable will require a lot of innovation. We must be eco-sensitive, otherwise we all live in a cess pool. No one but capitalism can pull this off.
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Title: The moderating role of trust in SME owner/managers' decision-making about collaboration.(Small and medium sized enterprise)
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