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Today, a single finished product often results from manufacturing and assembly in multiple countries, with each step in the process adding value. Participation in these Global Value Chains (GVCs) can ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Marguerita is a Certified Financial Planner (CFP), Chartered Retirement Planning Counselor ...

♦ UPDATE: Learn about companies that are applying this timeless advice today. A version of this article appeared in the July–August 2008 issue of Harvard Business Review. James L. Heskett is a Baker ...