Some of the greatest impediments to effectiveness are the issues of yesterday, which still confine our vision.
The decline in manufacturing as a creator of wealth and jobs will inevitably bring about a new protectionism. For the first reaction to a period of turbulence is to try to build a wall that shields one’s own garden from the cold winds outside. But such walls no longer protect institutions—and especially businesses—that do not perform up to world standards. It will only make them more vulnerable.
The best example is Mexico, which for fifty years from 1929 on had a deliberate policy of building its domestic economy independent of the outside world. It did this not only by building high walls of protectionism ...
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