What we call a financial crisis is really at its core a crisis of management, and not just a crisis of management, but a crisis of management culture. ...In other words, what you had is a detachment of people who know the business from people who are running the business.

I describe management as arts, crafts and science. It is a practice that draws on arts, craft and science and there is a lot of craft - meaning experience - there is a certain amount of craft meaning insight, creativity and vision, and there is the use of science, technique or analysis.

Companies are communities. Theres a spirit of working together. Communities are not a place where a few people allow themselves to be singled out as solely responsible for success.

No job is more vital to our society than that of the manager. It is the manager who determines whether our social institutions serve us well or whether they squander our talents and resources.

So technologies, whether it is a telephone or an iPhone, computers in general or automobiles, television even, all individualize us. We all sit in front of our iPhones and communicating but are we really communicating?

We have great managers who havent spent a day in management school. Do we have great surgeons that havent spent a day in surgical school?

Corporations are economic entities, to be sure, but they are also social institutions that must justify their existence by their overall contribution to society.