Schumpeter: Death and transfiguration
UK Only Article:
The golden age of the Western corporation may be coming to an end
EDWARD GIBBON, the great English historian, begins his “Decline and Fall” with a glowing portrait of the Roman Empire in the age of Augustus. The Empire “comprehended the fairest part of the earth”. Rome’s enemies were kept at bay by “ancient renown and disciplined valour”. Citizens “enjoyed and abused the advantages of wealth and luxury”. Alas, this happy state of affairs was not to last: the Empire already contained the seeds of its own destruction. Gibbon soon changed gear from celebrating triumphs to chronicling disasters.
Perhaps the history of the Western corporation will one day be written in much the same vein. Today’s corporate empires comprehend every corner of the earth. They battle their rivals with legions of highly trained managers. They keep local politicians in line with a promise of an …
Source: The Economy