For the past century or so, one unfortunate European country or other has been called the “sick man of Europe.” Now, practically all of Europe is the sick man of Europe.
Today’s Wall Street Journal takes a look at the patient and asks: What next?
Regarding the bigger question of how to deal with political volatility, however, Drucker’s advice was no different from that related to business volatility: You plan, and then you take the wisest risks you can.
“Strategic planning is not an attempt to eliminate risk
,” Drucker explained in Management: Tasks, Responsibilities, Practices
. “It is not even an attempt to minimize risk. Such an attempt can lead only to irrational and unlimited risks and to certain disaster.” The best thing we can do is to “choose rationally among risk-taking courses of action rather than plunge into uncertainty on the basis of hunch, hearsay, or experience, no matter how meticulously quantified.”
What “risk-taking courses of action” do you think business leaders and investors should take to Europe? Would you scale up or scale down there—and why?