American industry has lost its former position of competitive superiority. If American companies are to compete successfully in the world marketplace, they must make a number of major changes in their management practices and their conception of the firm. Specific innovations are necessary in employment procedures, salary and compensation arrangements, and training and promotion of managers. The firm should be a partnership and not a battleground for management and labor. If we continue to focus on short-term results and give excuses for not making these changes, American industry is courting failure.
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Lester C. Thurow (1984) studied this question.