Aristotle turns out to be an extremely practical guide for those asking such personally profound questions, like: What should I do next to find meaning and fulfillment in the next stage of my life?. He offers timeless advice to business people who want to be successful both at work and in their private lives. For example, he shows how business leaders can create successful organizations and, at the same time, behave ethically. Come to think of it, the CEO of Wal-Mart should study Aristotle!

When we spoke about workplaces in 1972 we mainly were referring to old-line manufacturing firms, on the one hand, and Main St. shops and restaurants, on the other. Both of those categories are now insignificant in terms of employment. Today, the economy is dominated by the rapidly growing Low-Cost Operators - national discount and mall chain stores, fast food franchises and supermarkets - which offer employees low salaries, few benefits and little training.

American managers often say they would like to pay their employees more, they argue that they can't afford to do so and, at the same time, keep the prices of their products competitive. As one CEO recently explained, "I would treat my employees as well as Starbuck's treats theirs, if I could charge the equivalent for my product of three dollars for a cup of latte!"

The status of women in the workplace has improved dramatically since 1972. More women today have good jobs, the gap between the incomes of men and women has been markedly reduced, and women are reporting far higher levels of job satisfaction.

Value-based leaders believe in democratic workplaces in which employees participate in decisions.

Manufacturing productivity is greatly determined by the design of jobs and how workers are rewarded.

If America is to compete effectively in world markets, its corporate leaders must strategically position their companies in the right businesses, and then manage their workforces in the right ways. However, the nation has a shortage of business leaders who understand the importance of utilizing human capital to gain competitive advantage, let alone the know-how to do so. In the future, that shortcoming promises to be exacerbated because few business schools today teach aspiring executives how to create the kind of high-involvement organizations.