strategy+business Summer 2021

Experience the ideas and stories that raise the game for management, written and expounded clearly enough to provide the basis for thoughtful action. Through in-depth feature stories, thought leader interviews, and strategic commentaries, each issue of strategy+business provides an informed global perspective for decision makers in organizations around the world.

United States
PwC Strategy& LLC
6,49 $ CA(TVA Incluse)
12,99 $ CA(TVA Incluse)
4 Numéros

dans ce numéro

3 min
value added

Pretty much every day, at some time, each of us is engaged in a search for value. Investors picking a stock, managers allocating capital to a new plant, diners figuring out if that $48 Wagyu cut is worth it, and shoppers assessing whether a $140 designer T-shirt is a bargain or a rip-off (I say rip-off): Their efforts are made all the more difficult by the fact that standards for value (1) are often highly personal, and (2) change over time, sometimes overnight. We live in a world in which somebody was willing to pay US$69 million for an NFT (nonfungible token) granting the owner the rights to display the digital image of an artist who goes by the name…Beeple. Many of the articles in this issue of strategy+business touch on…

9 min
simplifying cybersecurity

The articles in this issue’s Leading Ideas are part of PwC’s Take on Tomorrow series. To read more, visit At a recent board meeting, the CIO of a major global corporation led a wide-ranging discussion about the tools and practices needed to fortify the company’s data and systems against breaches. The board encouraged heightened investment and vigilance, then moved on to its next agenda item, a financial committee presentation leading to a board vote on acquiring shares to consolidate ownership in an enterprise in which the company held a minority stake. To the surprise of the CIO, who was still in the room, there was no discussion of cybersecurity, even though the acquiree was operating in a region where cyber breaches and criminal hacking were endemic. Happily, the CIO’s fortuitous…

5 min
diversity and the case for transparency

Business leaders who persevered through a trying 2020 got some affirming news when Edelman released its latest Trust Barometer in January 2021. Not only is business, for the first time, the most trusted institution in the world, it also is the only institution seen as both competent and ethical. To be sure, the doubts about government, non-governmental organizations, and the media reflected in this year’s Barometer are nothing to celebrate. But there’s also no doubt that today’s trust dynamics create an opportunity — and a responsibility in many cases — for business leaders to take tough stands on issues that affect society. One critical priority: diversity, equity, and inclusion (DEI). While many in the business community have been focusing on DEI for several years, the data indicates there’s still plenty of…

9 min
china and the race for the future of money

Pingyao, in Shanxi province, was once the financial center of Imperial China — the birthplace of banks that led the world in remittances and settlements using “tickets” that were a sort of tokenized legal tender. The People’s Bank of China honored Pingyao, now a UNESCO World Heritage Site, in 2019, with a set of silver and gold commemorative coins. Even as it honors the past, though, China is focused squarely on the financial future. In 2020, the country began testing a digital renminbi (RMB), which could have revolutionary implications for the future of money. Although a virtual RMB probably hasn’t blipped on many CEO radar screens, particularly given the disruptive effects of the pandemic, it’s time to start tracking how the financial environment could shift. China started with several urban pilots…

6 min
taxing times require a new era of compromise

When governments came together at Bretton Woods, N.H., in 1944, they relied on a spirit of compromise to found the international institutions that would help rebuild a devastated world. Even as the Second World War raged on, leaders looked ahead to a brighter future, and agreed to a monetary system aimed at avoiding future trade wars. As we strive now through vaccination to put the global pandemic in our rearview mirror, are we at a Bretton Woods moment for the global tax system? The perennial question COVID-19, like war, created human, economic, and fiscal carnage. Deficits, which were already large at the start of 2020, now stand at levels not seen for more than 80 years. And even when we start to return to some semblance of normalcy, governments will need to…

6 min
localization is the new globalization

The decades following World War II saw a proliferation of multilateral organizations and alliances aimed at aligning interests for efficiency and the greater good: NATO for military and security affairs; the OECD and World Bank for taxation, regulation, and finance; international trade organizations; and the World Health Organization. Countries and companies that embraced the order created by these global efforts have thrived. After years of impressive growth, exports now represent about a quarter of global output. Multinational corporations (MNCs) have placed global trade at the center of their value creation strategies. From 2000 to 2018, US$6.7 trillion of the $9.2 trillion in growth of assets of MNCs has come from foreign affiliates. The average MNC in the OECD is physically present in 28 countries and digitally present in 34. Of course,…