What First World Businesses Can Learn from Third World Economies
We need three things to turn our economies around. We need discipline. We need clarity. And discipline and clarity produce trust.
Third world countries have learned valuable lessons in their struggles to modernize their economies. These lessons, Peter Henry points out, can be applied to struggling first world economies as well.
Henry, Dean of NYU's Stern School of Business, says there are three lessons in particular: "We need discipline. We need clarity. And discipline and clarity produce trust."
In a lesson on Big Think Edge, the only forum on YouTube designed to help you get the skills you need to be successful in a rapidly changing world, Henry considers these characteristics from a country level and then applies them to the level of a company.
"When leaders of corporations demonstrate the kind of discipline and clarity that the best leaders in emerging economies display in turning around their countries," Henry argues, "then just as those key citizens that needed to buy in to the change of direction in countries did so because they trusted their leaders, the employees, the stakeholders, the shareholders of corporations will also trust the leaders of corporations."
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