Business Competition Has Not Gotten Fiercer

It’s become part of the conventional wisdom. The internet and globalization have combined to render almost every company vulnerable to greater competition than ever. Barriers to entry are withering, innovations are easily copied, and disruption is everywhere. To take an extreme example, Rita McGrath told strategists in an HBR article to just give up on sustainable advantage altogether and work on gaining only temporary boosts.

But is business really so competitive – not in a few...

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