ABSTRACT
In three related facets of its environment—the economic, the social, and the political—management faces new realities, new challenges, and new uncertainties. Economically, the world has become integrated and interdependent as never before. There is now a true world economy, which is moving toward a transnational money that is increasingly independent of—or at least “uncoupled” from—any national currency. There is no more “key currency.” The traditional concept of economic sovereignty, which so very recently seemed to have achieved its ultimate triumph in Keynesian economics, is fast becoming a mockery. While the world economy is increasingly integrated, the world polity is, however, increasingly fragmented; and the process of political disintegration has clearly not run its course. Yet the less effective power governments have, the more do they assert their control.
