The single most significant change has been the globalization of labor markets. Product markets - trade in goods - have been globalizing for years. But now, with the reduction in communication expenses and the building of all sorts of IT infrastructure, essentially any job can be done almost anywhere.

We need to reexamine and reassess the purpose of the corporation, and go back to the idea that senior leadership has responsibilities not just to shareholders but also to customers and employees.

Many of our students want to do what they have done and that has made them successful thus far in their lives: play by the rules, and do what is expected. But as much social science research and writing by Malcolm Gladwell, among others, make clear, the rules are mostly created by those already in power so obtaining power often entails standing out and breaking rules and social conventions.

Doing the right thing is important, which is where strategy comes in. But doing that thing well—execution—is what sets companies apart. After all, every football play is designed to go for a huge gain. The reason it doesn’t is because of execution—people drop balls, miss blocks, go to the wrong place, and so forth. So, success depends on execution—on the ability to get things done.

People need to be ready to have truly "global" careers. Just as companies now face world-wide competition, so, too, do people. Therefore, individuals need to get out in the world more - some large percentage of Americans don't even have a passport - and work in different countries.

I would give Obama a "C." He gets an "A" for understanding this country's profound problems in education, health care, infrastructure, and economic competitiveness, and for surrounding himself with extremely skilled and knowledgeable people who know what to do. He probably gets an "F," ironically, in his ability to sell these ideas to the American public and to be angry enough, conniving enough, and frankly mean enough to get them implemented and understood.

To paraphrase the late management thinker and writer, Peter Drucker, thinking is hard work, which is why so few people (including actually senior managers) do it. Once there is some "conventional," seemingly-reasonable story, people just accept it and don't ask, "is this actually true? Is it consistent with the data?" And this extends to the highest reaches of organizational life.