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Editorial

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Abstract:

Since our last full edition, we now know that the early signs of economic down-turn have turned into a clear economic crisis on a global scale that appears to accelerate with every passing month. When the Chancellor of the Exchequer in the UK said in August that Britain was facing “arguably the worst” economic downturn in 60 years which would be “more profound and long-lasting” than people had expected, much scorn was poured on his assessment. Time changes views, however, as do facts. In that same interview, he also predicted that two million people would be unemployed by the end of the year, again to be met by scepticism at the time. Now that the end of the year approaches, however, unemployment in the UK has been quoted at an 11-year high, with renewed endorsement of the 2 million figure to be reached shortly. The worst in 60 years comment is now echoed by many comparisons to the 1930s. The economic climate and its associated daily commentaries have changed radically in the past 6 months. Solutions and remedies for problems once thought sacrosanct are now discarded and notably the cutting of interest rates. In the academic arena, contrastingly, where high quality research takes years to execute and can wait in the publications pipeline as its worth is further assessed and revised, there is an inevitable lag between actuality and its proper analysis. That said, it is notable that in this edition, a number of papers focus on how organisations survive for the long term, through a focus on value – be it in customer, relationship or shareholder – or responsiveness to change - be it in the form of innovation, information technology or market change.

Keywords: CHANGE; INNOVATION; VALUE

Document Type: Editorial

DOI: http://dx.doi.org/10.1362/026725709X410007

Publication date: February 1, 2009

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