Appreciation: PETER DRUCKER

He explained shortly before the 1929 stock-market crash why prices would keep rising, and was so chastened that he vowed to leave the role of futurist to others. But PETER DRUCKER had plenty to say and did so in more than 30 books, and few in the business world have ever been so adept at seeing around corners. Drucker, who died last week at 95, foresaw inflation in the 1970s, the rise of Japan Inc. in the 1980s and the decline of unions in the 1990s. But his most far-reaching theories were on management and labor. He argued that if workers...

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