Bonus Quotation of the Day…

by Don Boudreaux on January 12, 2021

in Crony Capitalism, Myths and Fallacies

… is from page 58 of the great management scholar Peter Drucker’s insightful Winter 1984 California Management Review paper, “The New Meaning of Corporate Social Responsibility”:

Even the Japanese who reportedly invest in “winners” and starve “losers” – at least according to a currently popular American myth – are finding that it cannot be done politically. Indeed, the Japanese have found that they cannot give up support of a retail distribution system which everyone in Japan knows to be obsolete and frightfully expensive….

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