Edited by Alan M. Rugman and Gavin Boyd
Chapter 11: Long-range planning
Gavin Boyd For effective macromanagement in the USA there must be long-range planning, to set guidelines for macro- and microeconomic policies, in a spirit of collegial capitalism that can inspire general confidence in government and in corporate groups and associations, as well as in corporate interactions with the administration. Affirming the efficiencies and social justice benefits of relational cooperation, the guidelines will have to stress the dysfunctional consequences of unrestrained political competition and of intense commercial rivalries that entail neglect of opportunities for the development of entrepreneurial complementarities. Public confidence in the political economy has been shaken by the destruction of wealth in the 2001/2002 recession and by numerous highly publicized cases of large-scale corporate fraud that have caused anxieties about what remains to be revealed and about the utility of increases that have been made in regulatory surveillance. The recession has dramatised the severely destabilizing potential of speculative operations in the financial sector; it has also dramatized related vulnerabilities in external economic relations which affect the international role of the dollar. Long-range planning has to be based on fundamentals that tend to command inadequate recognition because of pervasive short-termism, in politics and commerce. Much of the short-termism derives from a tradition of pragmatism which causes distrust of analysis, especially its implications beyond the immediate future, and which is ambivalent about fundamental beliefs and values but which nevertheless sustains optimism about the possibilities of discerning productive courses of action as events unfold, with emphasis on retaining freedom for shifts in...
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