Race for the World

"We are moving toward an economic era in which privileged access will be rare if not impossible."

"The law of one price provides a straightforward test to determine whether particular markets are global, national, or local."

"The transition economy allows unique opportunities not available in a mature, geographically bounded economy."

"Once you get a competitive edge that benefits from the transition economy, it is easy to stay ahead because you can go faster and faster as virtuous-cyle effects provide you with ever increasing advantages."

"You must resolve to maintain a superior market capitalization or risk losing control over your own destiny."

"Significant sums of capital invested by corporations worldwide can be freed up simply by transferring best practices across borders."

"Capturing transition economy opportunities will represent the single most important source of growth in many industries."

"The reason [companies] feel overwhelmed with business as usual is that they are coping with the pervasive effects of the transition economy whether they realize it or not!"

"Opening the firm is the essential act of leadership and intellectual honesty needed to trigger a chain reaction of development."

"Matching a company's capabilities to the opportunities afforded by its industry is a constantly moving target."

"Companies must have a real understanding of precisely what intangible assets are."

"The owners of intangible capital have the potential to capture much of the returns while making much less of a financial investment?and without taking much of the risk. "

"Slivers all have a limited life span; they expire as the limits permitting increased specialization are continually relaxed, enabling new slivers to be created."

"An attractive cross-geographic arbitrage has a large value, lasts for years, has low transaction costs, and involves you in little risk."

"Because of the overwhelming input you can receive from the outside, you have to find a way to improve the signal-to-noise ratio of that input."

"Once risks are disaggregated, they can be structured."

"Interdependent risk-reward relationships reduce flexibility."