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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"
Much business is organized by mutual firms. My purpose here is to present a general economic framework for understanding the objectives of such businesses, and to identify some of the distinctive contributions which mutual organizations make, and the distinctive problems which they face.
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.