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In selecting the title of this address, I had in mind above all, the need for greater efficiency in professional management. The more I reflected on this subject, the more it became apparent that the themes which I wished develop were as valid for many of the richer industrial nations as for the developing world, and hold good equally for nationalised industries as for the private sector all over the world.

In selecting the title of this address, I had in mind above all, the need for greater efficiency in professional management. The more I reflected on this subject, the more it became apparent that the themes which I wished develop were as valid for many of the richer industrial nations as for the developing world, and hold good equally for nationalised industries as for the private sector all over the world. The economic recession from which we are all suffering has at least shown us where the real weaknesses are.