Harvard Business School - Yearbook (Boston, MA)

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Z0 flmrricau 1621 12465 America's wealth and strength were developed in a free business economy. However, many have lost faith in, or begun to doubt the ability of this type of economy to meet the needs of the people. If the past achievements of business are to mean anything, those who believe in business must convince the American people that a business economy provides the necessary stability and opportunities. To do this, a new order of business leadership is required. Businessmen must be willing to improve public relations, to support education and research, to develop new methods and products, to collaborate economically with labor and government, and to take direct political action. Business leadership should be candid and honest. It must explain its purposes and methods in under- standable terms to all who will listen. Training and opportunities should be provided for capable young men and women to fill responsible positions. Research should be supported to assure that business leaders have more knowledge of the business process and more facts to guide their decisions. Business must adopt without hesitancy or fear new ideas and products. Its leaders must search for new methods of distribution to match their accomplishments in production and control. Business leaders must cooperate with government and labor to control busi- ness depressions and alleviate the severity of the cycle. The implications of business action upon the economy of our own and other nations must be weighed. The interests of a businessman must be wide and diverse. He must not allow government or labor to win by default, but rather seek to exercise his guidance by taking a leading role in the activities of the community and state. Above all, every businessman must realize that it may take only one more reaction, only one more public protest to destroy the entire fabric of the busi- ness economy. Socialism and communism arc loudly promising solutions. To justify the continued existence of a free business economy, business must be first to suggest and hrst to act in the interest of the country as a whole. The staff of the ANNUAL REPORT 13

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Peace and prosperity are American ideals. The average American seeks sta- bility, a secure and pleasant home, and the chance for his kids to go to a decent school and get a better job than he has. Today in 1949 these goals seem remote to him. His hopes that the United Nations might secure peace have waned. He knows now that success from the United Nations, at best, will be a slow and tortuous pro- cess. He sees free governments, one-by- one, falling to the force and subterfuge of aggressive communism, yet he has to reconcile his much-valued civil rights with subversive propaganda. He wonders whether Big Business or Big Labor threatens his job and future. He votes for Harry Truman, because he wants a Fair Deal, but he still lacks faith in po- litical parties, promising much, yet psycho- logically geared to the past. He fears a technology, advanced by war-time achieve- ment to a point beyond his understanding. He asks, Will science be a means for im- proving my lot, or will it be misused ? These ideas are over-simplified, but their reality casts the shadow of confusion and doubt over America's political theory and economic system. Theories and sys- tems have no claim to immortality unless they satisfy the living demands of their citizens.

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