However, eulogies are in order for Walter Wriston, the visionary ex-CEO of Citicorp, who died this week at 85. Cato's tribute is to link to his 1997 paper on Dumb Networks and Smart Capital, which concluded:

Global markets have morphed the world into a network economy that is changing the world at a pace undreamed of just a few years ago. All change is unsettling, but the speed of this change is compressing Joseph Schumpeter's dictum of ``creative destruction'' in time and expanding its space. The process is irreversible. The networks only speed this process, and nations and companies can only ignore this sea of change in the way the world works at their peril.

posted by James DeLong @ 2:18 PM | General

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