Readers of this column will not be surprised by the news that the economy as a whole, particularly the Traditional Economy of big hierarchical bureaucracies, is in trouble. The rates of return on assets and on invested capital of US firms are only onequarter of what they were in 1965. The pervasive pursuit of maximizing shareholder value—what even Jack Welch has called “the dumbest idea in the world”—has been systematically destroying long-term shareholder value. Only one in five workers are fully engaged in his or her work, and even fewer are truly passionate about their jobs.
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