Major investment decisions have become too important to be left to the private sector.

Major investment decisions have become too important to be left to the private sector.

Natural resources have dropped out of the competitive equation. In fact, a lack of natural resources may even be an advantage. Because the industries we are competing for - the industries of the future - are all based on brainpower.

AT&T invented the cellular telephone, but saw no future in it. It takes entrepreneurs, who are angels of destruction, to take advantage of things which the inventor cannot or does not see.

One of the peculiarities of economics is that it still rests on a behavioral assumption-rational utility maximization-that has long since been rejected by sociologists and psychologists.

There is nothing antithetical in American history, culture, or traditions to teamwork. Teams were important in America's history - wagon trains conquered the West, men working together on the assembly line in American industry conquered the world, a successful national strategy and a lot of teamwork put an American on the moon first (and thus fare, last). But American mythology extols only the individual...In America, halls of fame exist for almost every conceivable activity, but nowhere do Americans raise monuments in praise of teamwork.

The old foundations of success are gone ... The world's wealthiest man, Bill Gates, owns nothing tangible: no land, no gold or oil, no factories ... For the first time in history the world's wealthiest man owns only knowledge.