Tag: Theory

The victory of market forces over central planning is complete. The communist regimes of Eastern Europe collapsed under the weight of their own...

Second hand firms have something important in common with second hand cars. This explains why takeovers have tended to disappoint.

Ted Levitt’s challenge to “define what business you are in” was based in a fundamental confusion between industries and markets.

Economists have walked out into the cold as far as business strategy is concerned. Slowly, they are starting to return.

Economic forecasters tend to say the same thing at the same time, but they rarely get it right.

Competitive advantage is based, not on doing what others already do well, but on doing what others cannot do as well. Not only is this true for individuals and for firms, but for countries as well.

"The Structure of Strategy" is a summary of parts of my book, "The Foundations of Corporate Success", and was reprinted in "The Business of Economics"

Economics has never been more relevant to business problems. The two key groups of question of interest to businessmen - the internal organization of the firm and its relationship between its suppliers and customers, and the nature of strategic interactions between small groups of firms - are clearly on the agenda of modern economics in a manner which has not been true for most of the last century.