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Flexibility is a key component in any agile manufacturing enterprise. A methodology that a firm may use to design, build and then implement a flexible manufacturing (FM) solution is presented. An FM solution is defined as an operational intervention that helps the company counter the changes in its internal and external environments. The methodology was developed in collaboration with several industrial partners, and is easy to use and readily applicable in an industrial setting. The FM solution design method is structured as a three‐phase execution. Phase I involves identifying the flexibility needs of the company. Phase II is the actual development of the FM solution and includes models for measuring the current and target flexibility levels. Phase III incorporates a process to address the economic viability of the proposed solutions. Also reported are the results of a survey on the relative importance of the flexibility types.

Three years out of a recession corporate strategy has undergone a decisive shift in emphasis from cost reduction to sales growth. Companies are looking hard at the structure of their marketing departments in search of better performance. Three models are apparent. First, there is pure marketing; McVities is trying to gain leverage by concentrating on the essentials. Second, immediate marketing; American Express (Amex) has decentralized its operations and is improving its market segmentation. Finally, introductory marketing; companies such as Allied Leisure are looking to start again from scratch

Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.

This paper seeks to analyse Steel Partners' investments and activism targeting United Industrial, Ronson, and BKF Capital to provide context for the debate surrounding shareholder activism by hedge funds and how incumbent management should cope with it. Steel Partners is one of the busiest and most controversial activist investors in both the USA and Japan.

An in‐depth clinical analysis of Steel Partners activism at three targets is performed. Context is then provided with a broader study of 63 companies targeted by Steel Partners.

The paper reveals that Steel achieved remarkably different degrees of success with each target. This analysis suggests the use of longer post‐activism windows to examine performance, more nuanced definitions of successful activism, and the inclusion of officer and director ownership as a predictor of activist success and target performance.

Managers wishing to maintain their independence face a difficult balancing act. One option is simply to refuse to negotiate, preferably while maintaining a substantial ownership stake. However, the activist might launch a proxy fight or hostile bid, file a lawsuit, or even encourage a wolf‐pack type campaign. For activists, target selection, especially managerial ownership, and patience are important. Steel quickly achieved its goals at BKF and failed at Ronson despite maintaining its stake for more than 13 years. It suffered large losses in both cases.

This paper provides researchers and practitioners with additional insights into the debate concerning the value of hedge fund activism. It also suggests several new questions to researchers examining corporate governance and activism.

“When James Boswell returned from a tour of Corsica in 1765 he wrote: ‘It is indeed amazing that an island so considerable, and in which such noble things have been doing, should be so imperfectly known.’ The same might be said today of Puerto Rico.” Thus began Millard Hansen and Henry Wells in the foreword to their 1953 look at Puerto Rico's democratic development. Four decades later, the same could again be said about the island.

Current events in the Soviet Union cannot be understood without comprehending the nature of Soviet communism. Begins with a description of the system singlehandedly imposed on the Soviet Union by Lenin and Stalin, focusing on the key elements of Marxist‐Leninist ideology and the nomenklatura. Brings to light a seldom‐recognized characteristic of communist governments, which is obscured by official propaganda, that Marxism‐Leninism is firmly grounded on “science”. It involves the rejection, by communist policy makers, of any coherent intellectual framework which would guide and also explain their actions. This, however, is not surprising, because any theoretical blueprint would force these leaders to spell out the precise goals they are pursuing, as well as the costs (to whom?) and the benefits (also to whom?) of their actions. It would, additionally, make the communist party accountable for its policies, a fact that would represent an intolerable restriction of its practically unlimited power. Perestroika has not changed this situation. The absence of a programme or of a priori guidelines allows Gorbachev to declare his willingness to introduce market processes, while, at the same time, emphasizing that all his reforms are made “in accordance with the socialist choice”. A case study of the recently legalized Soviet “co‐operative” sector confirms this lack of commitment to unambiguous policies. The prerequisites for a transition from a centrally planned to a market economy are therefore developed by Western, not Soviet, experts. They invariably call for the abandonment of the communist system and the demise of its beneficiary, the nomenklatura. Gorbachev, who has risen to power as an exponent of the “new class” (Milovan Djilas) is unwilling to accept this trade‐off. He can therefore be expected to continue his policy of vacillation, while his country′s economic, political, and social problems remain unresolved.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

Boeing Company has been the world's leading producer of large commercial airplanes for several decades. However, in the late 1990s, Europe‐based Airbus Industrie competed with Boeing aggressively and captured almost fifty percent of the over‐100‐seat airplane market. This paper examines the battle between Boeing and Airbus, including a concise report on Airbus' launch of its A380 superjumbo project. The paper also contains the authors' recommendations to Boeing and the U.S. government.

Defines national culture, summarizing and comparing various models of national culture, including single and multiple dimension models, historical‐social models in high and low context and monochronic and polychronic cultures. Discusses their relevance to the study and practice of local and international management, and tabulates the main features of each model.