The book navigates the complex, multifaceted, and multi perspective issue of managing complexity under conditions of economic adversity and high, deep seated dynamism. The overarching theme of six chapters in the collection is that surprising though it may seem and sound, conditions of economic distress, call for unique management strategies and styles, the mastery and execution of which bring hefty rewards. A case study of Japan Inc is used to highlight the fact that winning management styles under conditions of economic adversity are required at both the micro level and national level. the Global financial crisis ravaged like wild fires through the United States, Europe, and emerging economies, including South East Asia. The chapter reviews literature on the causes, course, consequences and remedial policy initiatives, which to this day, are still being implemented.The paper makes an argument, that financial restriction not full-fledged financial liberalization is what can create profits as well as stability, which is why the role of the state henceforth should never be that far from keeping constant watch of the goings of so vital a sector in the name of allowing unfettered entrepreneurial spirit to take its natural course. In line with the theme of economic distress, the book attempts to identify the key factors that underpin the success of firms in conditions of economic distress. Such factors encompass astute management with the skill and experience in a variety of competitive moves and maneuvers; adoption of low-cost -low price strategies; more use of scenario planning rather than mere replication of past company actions; sufficient liquidity to exploit opportunities availed by economic downturn; and exploiting the advantages of knowledge management. In the same vein, the book underscores the crucial importance of understanding relationships among innovation, management style and competitiveness during turbulent times. Innovation, which is manifested in various forms ranging from volume of R and D, patents issued, HRD dedicated to R and D expenditure, product or industrial design, trials, market analysis or introduction, training, licensing activities, and innovation-related fixed asset investments, is not a monopoly of small organization, but also large ones, is very crucial for establishing and sustaining enterprise competitive strategies. One of the hot albeit divisive policies relates to the size and form of management compensation packages on one hand, and the extent to which such incentives impact positively on company performance. It is for that reason that the book gives the topic ample treatment by reviewing extant literature on the link between management compensation packages and firm value. Managerial incentives in determining managerial behavior, which in turn affects firm capital structure, firm corporate and business strategy, and firm value. Separation of firm ownership and control, by generating agency problems and increasing transactions costs, induces firm value destroying behavior, which corporate governance structures mitigate. Corporate governance schemes consisting of internal and external structures in the main align managerial incentives with firm value, enhancing shareholder and creditor value in the process. Knowledge, tacit and explicit has become an important asset for a modern organization. The book discusses the motley of roles knowledge management can play in development management of sub national and local governments, and institutions of higher learning. The case of Japan Inc is deliberately placed last simply because it is aimed at that gauging the extent to which concepts and practices laid out in the previous chapters can be implemented not only at the organizational level, but more importantly at the national strategic level. It is a challenge while seems insurmountable to doubters, Japan's history informs us that the turnaround is possible.
