The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems
指出自1973年以来，技术、政治、监管和经济力量正像19世纪工业革命一样改变全球经济，导致成本下降、劳动平均生产率上升但边际生产率下降、劳动收入增长放缓、产能过剩以及退出需求，而企业内部控制体系未能有效应对这些变化。
ABSTRACT Since 1973 technological, political, regulatory, and economic forces have been changing the worldwide economy in a fashion comparable to the changes experienced during the nineteenth century Industrial Revolution. As in the nineteenth century, we are experiencing declining costs, increasing average (but decreasing marginal) productivity of labor, reduced growth rates of labor income, excess capacity, and the requirement for downsizing and exit. The last two decades indicate corporate internal control systems have failed to deal effectively with these changes, especially slow growth and the requirement for exit. The next several decades pose a major challenge for Western firms and political systems as these forces continue to work their way through the worldwide economy.