For a long time many believed that there would be an automatic adjustment and counted on a rapid increase in the wages of the emerging nations on our advances in technology and the costs of transport preventing disruption. But this reassuring analysis is out of date.

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Can advertising foist an inferior product on the consumer? Bitter experience has taught me that it cannot. On those rare occasions when I have advertised products which consumer tests have found inferior to other products in the same field the results have been disastrous.