The Drucker Library Peter F. Drucker on Technology Peter F. Drucker on Business and Society Peter F. Drucker on Management Essentials Peter F. Drucker on Nonprofits and the Public Sector Peter F. Drucker on Economic Threats Peter F. Drucker on Globalization Peter F. Drucker on Practical Leadership Peter F. Drucker on the Network Economy Copyright HBR Press Quantity Sales Discounts Harvard Business Review Press titles are available at significant quantity discounts when purchased in bulk for client gifts, sales promotions, and premiums. Special editions, including books with corporate logos, customized covers, and letters from the company or CEO printed in the front matter, as well as excerpts of existing books, can also be created in large quantities for special needs. For details and discount information for both print and ebook formats, contact [email protected], tel. 800-988- 0886, or www.hbr.org/bulksales. Copyright 2020 Harvard Business School Publishing Corporation No part of this publication may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form, or by any means (electronic, mechanical, photocopying, recording, or otherwise), without the prior permission of the publisher. Requests for permission should be directed to [email protected], or mailed to Permissions, Harvard Business School Publishing, 60 Harvard Way, Boston, Massachusetts 02163. The web addresses referenced in this book were live and correct at the time of the book’s publication but may be subject to change. Library of Congress Cataloging-in-Publication Data is forthcoming. First eBook Edition: May 2020 ISBN: 978-1-63369-961-8 eISBN: 978-1-63369-962-5 CONTENTS Publisher’s Note Preface: The Future Is Being Shaped Today Interview: A Talk with a Wide-Ranging Mind Part I: Economics ONE: The Changed World Economy TWO: America’s Entrepreneurial Job Machine THREE: Why OPEC Had to Fail FOUR: The Changing Multinational FIVE: Managing Currency Exposure SIX: Export Markets and Domestic Policies SEVEN: Europe’s High-Tech Ambitions EIGHT: What We Can Learn from the Germans NINE: On Entering the Japanese Market TEN: Trade with Japan: The Way It Works ELEVEN: The Perils of Adversarial Trade TWELVE: Modern Prophets: Schumpeter or Keynes? Part II: People THIRTEEN: Picking People: The Basic Rules FOURTEEN: Measuring White-Collar Productivity FIFTEEN: Twilight of the First-Line Supervisor? SIXTEEN: Overpaid Executives: The Greed Effect SEVENTEEN: Overage Executives: Keeping Firms Young EIGHTEEN: Paying the Professional Schools NINETEEN: Jobs and People: The Growing Mismatch TWENTY: Quality Education: The New Growth Area Part III: Management TWENTY-ONE: Management: The Problems of Success TWENTY-TWO: Getting Control of Staff Work TWENTY-THREE: Slimming Management’s Midriff TWENTY-FOUR: The Information-Based Organization TWENTY-FIVE: Are Labor Unions Becoming Irrelevant? TWENTY-SIX: Union Flexibility: Why It’s Now a Must TWENTY-SEVEN: Management as a Liberal Art Part IV: The Organization TWENTY-EIGHT: The Hostile Takeover and Its Discontents TWENTY-NINE: The Five Rules of Successful Acquisitions THIRTY: The Innovative Organization THIRTY-ONE: The No-Growth Enterprise THIRTY-TWO: Why Automation Pays Off THIRTY-THREE: IBM’s Watson: Vision for Tomorrow THIRTY-FOUR: The Lessons of the Bell Breakup THIRTY-FIVE: Social Needs and Business Opportunities Afterword: Social Innovation—Management’s New Dimension Acknowledgments Index