Schumpeter: Bumpkin bosses

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The lure of shadow banking

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Leaders of Western companies are less globally minded than they think they are

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THE heads of multinational companies like to think of themselves as generals in the globalisation wars. They dream of conquering fresh markets in the East. They boast about the diversity of their armies. And they love to mock politicians for their parochialism: why is Ed Miliband, the leader of the British Labour Party, making such a fuss about Pfizer’s bid for AstraZeneca when the first is run by a Scotsman and the second by a Frenchman?
Which all makes a lot of sense: companies in developed countries do themselves nothing but harm if they fail to think globally. The biggest growth opportunities now are in the emerging world: McKinsey, a consultancy, calculates that people there will buy $20 trillion-worth of goods a year by 2020. So are the biggest threats: China’s Huawei has grown …

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