Managers must relearn how not to do virtually anything that promises power and profit. Value extraction and value creation, as outcomes of corporate leadership, are compared and contrasted. The time is ripe for the state to launch a social-market economy 2.0. Government economic policy is not a relic of the past; economic governance is still an imperative for a successful economy.

Can America re-industrialize? It is doubtful whether it can, even if, for the first time in decades, industrial jobs were a topic in a presidential election campaign. This overview by Manfred Hoefle explains the remarkable decline of the US production sector, and why it is difficult to reverse the trend. What lessons can Europe learn from the US experience?

Production must have a future for the sake of employment and prosperity, insists Prof. Dr. B. Eidenmüller, a profound and committed expert on industrial innovation and production. There is urgent need for a renewed emphasis on production by business, training and science – and the 'unskilled' must not be excluded. The present consequences for the USA, Britain and France of neglecting production for decades should act as a clear warning.

Outsourcing should be second choice. Unsatisfactory justifications are exposed and realistic alternative solutions are proposed. corporate supervision: an issue that concerns us all. The responsible actors/CEOs are named, while case studies of DaimlerChrysler and Siemens clarify the events, causes, and suggest reforms