Of course, we shouldn’t blame the media, for growth is yesterday’s news. The story today is all about the contractionâ€”we are having a whopper of a sales-based contraction. But top-line growth is the much more common attribute of the U.S. economy than is contraction. Thus, even here at the depths of a recession, business practitioners (and even government officials) should study the attributes of growing companies and marketsâ€”and especially the attributes of those leaders who take enterprises through exceptional periods of growth.
The grinding pressure of a tough recession is a means of cleansing away the mistakes of the previous economic boomâ€”so said Joseph Schumpeter and other economists of the Austrian School. Thus, a recession clears the way for innovation, new business development, and a new round of investing. After the deep recession we’ve experienced (since December, 2007), the field should be pretty clean. It is time for us to resume our conversation about growth. The authors of The Catalyst show us how.
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