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To provide students, professors, political leaders, members of non‐governmental sector and economists with a review of Drucker's major works on recent changes in politics, government, society and economy.

This article briefly illustrates and discusses Drucker's thoughts and analysis presented mainly in the books Post‐Capitalist Society, New Realities and Managing in a Time of Great Change. However, reference is also made to other books and articles written by Drucker, as well as papers and books produced by other authors on his works or on subjects discussed in his works.

This article provides Drucker's views on recent changes in politics, government, society and economy, which have brought about new realities and challenges and have fundamentally transformed politics, economy and the society. Thorough considerations of these challenges would not provide fixed solutions but rather support and would enable governments, organizations and society at large to anticipate these transformations. It is believed that Drucker has made sound analyses of which one ought to take notice.

This article provides a useful source of information on political and economic changes in this turbulent world and recommendations on how to anticipate these changes.

It is believed that this paper contains an original review of Drucker's politically oriented writings. The findings and recommendations in this article can be useful for scholars, students, politicians, economists, leaders of civil society organizations and businesses to better understand the transformations taking place in society and hence enable leaders to make better decisions.

To apply the Porter “Diamond Model” to the case of Armenia, a small and land‐locked economy, in order to draw conclusions about its current situation, future prospects and appropriate development policies.

The paper analyses the shape of the Armenian “National Diamond” drawing on published statistical data and the authors' familiarity with the country.

Although controversial, the “Diamond Model” provides a useful basis for making appropriate policy recommendations for fostering competitiveness. The authors conclude that while achieving the required legislative and institutional framework, market liberalization and a stable macroeconomic environment are necessary, they are not sufficient conditions for ensuring continued economic growth and the achievement of sustainable development. In particular, based on the “Diamond Model” framework, they advocate Government policies to attract foreign direct investment with the objective of creating new industrial “clusters”.

The case study demonstrates that, despite possible limitations, the “Diamond Model” provides a valuable starting‐point for analysing appropriate development policy in emerging markets such as Armenia.

This is the first case study of its type written about Armenia. It is of value not only as a guide to policy‐makers in Armenia but also as a model for development specialists and policy‐makers in other industrializing economies.