INTRODUCTIONA Permanent Revolution
WHEN BUSINESS HISTORIANS LOOK BACK AT THE tumultuous past two decades, they are likely to argue that the most earth-shattering events of the time were the bursting of the high-tech bubble at century’s end, the global financial collapse that peaked in 2008, the rise of state capitalism in China, and the near (one hopes) unraveling of the Eurozone.
We don’t dispute the importance of those events, and we recognize that many of them are still working their way out. But we think something even more profound has been happening in the shadows while the media mostly looked elsewhere: the spectacular growth of globe-spanning businesses in the developing world. As they displace established firms, redistribute world power, ...
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