Relearning How To Grow

Six years into the economic expansion, Corporate America is still turning out an excellent performance. The old scourges of an aging business cycle--inventory accumulation, wage inflation, and balance-sheet weakness--are nowhere to be seen. Profits are healthy. Revenues are up. And most shareholders are happy. The globalization of markets and the Information Revolution can take plenty of credit for the healthy economy. But corporations, and the people who run them, should take a bow as well. They chose growth as a dominating strategy of this expansion. After years of playing defense by downsizing and restructuring, corporations have turned to offense to expand in the global arena.

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