The authors examine the reasons for the problems currently afflicting corporate America, particularly the loss of global competitive advantage, and review the track record of traditional strategic planning and portfolio management. The problems of recent years, they demonstrate, have been caused when managers neglect to consider the current economic environment when developing strategic plans. They go on to offer a systematic approach to addressing the structural problems of traditional portfolio planning and present concrete proposals for generating increased business, establishing horizontal relationships, increasing commitment through long-term planning, and incorporating prevailing economic conditions into the business plan. Finally, the authors present a workable management system for the implementation of portfolio strategies in turbulent economic times that focuses on optimal use of corporate resources. Numerous case studies and figures reinforce points made in the text.

In a timely and important contribution to the management literature, Louis Nevaer and Steven Deck take a careful, critical look at the various forms of corporate restructurings prevalent today-alliances, mergers, and acquisitions-and at their long-term implications for the structure of corporate America. Taking issue with those who see the takeover frenzy as revitalizing American industry, the authors argue that instead the takeover business is weakening American industry and accelerating America's decline in the global economy. They analyze the opportunity costs being incurred by both individual firms and the entire nation through the wave of takeover activity in the 1980s, demonstrating that the large debts taken on by corporate America to either finance or fend off takeovers has hampered America's ability to compete effectively in world markets. The authors then identify the essential criteria for a truly successful alliance, merger, or acquisition and suggest models for such restructurings in the future.

Divided into five principal sections, the volume begins by examining the failure of current alliance, merger, and acquisition strategies. The authors discuss the economic effects of restructurings on stakeholders and employees and look at the post-acquisition financial performance of the new corporate entities. The next three sections present in-depth analyses of alliances, mergers, and acquisitions. For each type of restructuring, the authors identify and assess the management strategies commonly pursued and offer extended case-study examples of failed and successful strategies. In the final section, the authors point the way toward more effective strategic alliances. They explore selection strategies that can help ensure a successful alliance, discuss the critical area of market planning, and offer a model for the future based upon the real-world alliance between Vulcan Materials and Calizas Industriales del Carmen. Investment bankers, corporate executives, and mergers and acquisitions specialists will find this a balanced and constructive critique of the process of corporate restructuring that is today such an integral feature of the contemporary business scene.

The unprecedented global economic growth of recent decades is closely tied to the trading relations that have developed in the postwar period. The authors of "The Protectionist Threat to Corporate America" explore the potential impact of protectionism on these relationships, arguing that trade barriers pose a danger not only to U.S. economic growth but to world trade as a whole. Gearing their discussion to the needs of the business community, they offer a clear, systematic explanation of the underlying principles that govern international trade, the consequences of protectionism, and practical strategies for developing effective competition.

The first four chapters examine the nature of trade, the power relations that influence it, and the dilemma created by trade deficits, monetary instability, and declining competitiveness. In the next section, Nevaer and Deck outline a four-point program designed to reverse the slippage in productivity and competitiveness that has eroded America's economic position in the world community. They present guidelines for creating a competitive advantage, maximizing strengths, utilizing a more dynamic management style, and harnessing the benefits of economies of scale and scope. In case studies of industries in the service sector and the high-tech field, Nevaer and Deck show how a competitive edge can be achieved by identifying opportunities and developing sound strategies for exploiting them. An important working tool for corporate managers, this book will enable business people to see beyond current political rhetoric and make realistic decisions on some of the most fundamental issues affecting the nation's economy.

The ideas in this volume are based on the authors' assumption that the deficit economy in which the United States finds itself will exist for the remainder of the century. They discuss what the consequences of a deficit economy mean for corporate finances and management. Nevaer and Deck suggest tools needed to cope with and survive a deficit economy. They address such concerns for executives as corporate debt policy, cash management, financial flexibility, project financing, and pension planning. "Business Library Newsletter"

While Nevaer and Deck underscore the need for a rational and realistic agenda to confront adequately the gravity of the problems the government has created by incurring massive federal deficits, they assume that policymakers will continue to disregard the dangers these problems pose and that members of the business community must be able to overcome and work around the challenges they represent. The authors discuss the ramifications of a Deficit Economy and its effect upon the national economy and business. They offer concrete proposals for avoiding common pitfalls and for developing strategies in order to survive. Finally, they provide an explanation of the international implications of high real intrest rates, trade deficits, and capital inflows from abroad.