Professor Vietor is Baker Foundation Professor of Business Administration at the Harvard Business School. He teaches courses on the international political economy. Before coming to the Business School in 1978, Professor Vietor held faculty appointments at Virginia Polytechnic Institute and the University of Missouri at Columbia. He received a B.A. in economics from Union College (1967), an M.A. in history from Hofstra University (1971), and a Ph.D. in history from the University of Pittsburgh (1975). He has been the recipient of a National Endowment for the Humanities Research Fellowship, the Harvard-Newcomen Postdoctoral Fellowship in Business History, and the Newcomen Award in Business History.
Professor Vietor's research on business and government policy has been published in numerous journals and books. His books include Energy Policy in America Since 1945 (1984), Strategic Management in the Regulated Environment (1989), Contrived Competition: Regulation and Deregulation in America (1994), Business Management and the Natural Environment (1996), Globalization and Growth: Case Studies in National Economic Strategies (2004), Environmental Protection and the Social Responsibility of Firms (ed. with Bruce Hay and Robert Stavins; 2007), How Countries Compete: Strategy, Structure, and Government in the Global Economy (2007), and The Class Moves the World: How Business Elites Decipher the World Economy (available in Japanese only, 2010).
For his courses in business-government relations and environmental management, Professor Vietor has published more than one hundred and sixty case studies on energy policy, the regulation of natural gas, nuclear power and hazardous wastes; on strategy and deregulation in airlines, railroads, telecommunications, and financial services; and on the national development strategies of a dozen countries. He has been a consultant to the Energy Research and Development Administration, serves on the Advisory Boards of IPADE (in Mexico), IESE (in Spain), and INALDE (in Colombia), and is a panel member of the Universiti Teknologi Malaysia International Advisory Panel, the Advisory Council of the Australia China Business Council, and several firms. He is a consultant to several corporations and to the Prime Minister of Malaysia.
Professor Vietor and his wife Cindy have three adult children -- Nicholas, Christopher, and Meredith.
Featured Work
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How Countries Compete: Strategy, Structure, and Government in the Global Economy
As the world globalizes, countries compete for the markets, technologies, and skills needed to raise their standards of living. These strategies can make--or break--the government's efforts to drive and sustain growth. In How Countries Compete, Richard Vietor sheds light on ways in which governments can best set direction and provide a healthy climate for a nation's economic development and profitable private enterprise. Drawing on history, economic analysis, and interviews with executives and officials around the globe, Vietor provides concentrated examinations of different approaches to government facilitation of development. Individual chapters focus on the unique social, economic, cultural, and historical forces that shape governments' approach to economic growth. Countries discussed include: China, India, Japan, Singapore, the United States, Mexico, Russia, Saudi Arabia, and South Africa. Vietor challenges the widespread notion that, in market-driven economies such as the United States, a strong government can only hinder business success. A provocative resource, How Countries Compete offers potent insights into how the business environment has evolved in crucial nations--and what its trajectory might look like in the future.
Publications
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Article
| Harvard Business Review
Macroeconomic Policy and U.S. Competitiveness
Richard H.K. Vietor and Matthew Weinzierl
The United States is on a glide path to fiscal disaster, with experts projecting that the federal government will take in far less money than it spends-indefinitely. Our current fiscal policy is eroding competitiveness in several ways, and business conditions in the U.S. will deteriorate if there's no change in direction. The authors examine how fiscal policy relates to the three drivers of productivity: improving human capital, increasing physical capital (equipment or software, for example), and using these forms of capital more efficiently. Government spending for many public goods, such as education and infrastructure, contributes directly to one or more of them, whereas spending on health care and entitlements does little to enhance competitiveness directly. Taxes are needed to fund public goods, but they sometimes distort the allocation of human and physical capital. And large government deficits put upward pressure on the cost of borrowing for companies. The authors propose a plan-they call it "20/21 by 2021"-to reduce the deficit from 3.8% of GDP (the Congressional Budget Office's most likely scenario) to just over 1%.
Keywords: Macroeconomics;
Government and Politics;
Financial Crisis;
Policy;
Competition;
Public Administration Industry;
United States;
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Article
| Review of Environmental Economics and Policy
Corporate Social Responsibility Through an Economic Lens
Forest L. Reinhardt, Robert N. Stavins and Richard H.K. Vietor
Business leaders, government officials, and academics are focusing considerable attention on the concept of "corporate social responsibility" (CSR), particularly in the realm of environmental protection. Beyond complete compliance with environmental regulations, do firms have additional moral or social responsibilities to commit resources to environmental protection? How should we think about the notion of firms sacrificing profits in the social interest? May they do so within the scope of their fiduciary responsibilities to their shareholders? Can they do so on a sustainable basis, or will the forces of a competitive marketplace render such efforts and their impacts transient at best? Do firms, in fact, frequently or at least sometimes behave this way, reducing their earnings by voluntarily engaging in environmental stewardship? And finally, should firms carry out such profit-sacrificing activities (i.e., is this an efficient use of social resources)? We address these questions through the lens of economics, including insights from legal analysis and business scholarship.
Keywords: Profit;
Governance Compliance;
Governing Rules, Regulations, and Reforms;
Corporate Social Responsibility and Impact;
Business and Shareholder Relations;
Environmental Sustainability;
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Chapter
| Encyclopedia of the United States in the Twentieth Century
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1996
Economic Performance
R. H.K. Vietor
Keywords: Performance;
Citation:
Vietor, R. H.K. "Economic Performance." In Encyclopedia of the United States in the Twentieth Century. Edited by S. I. Kutler. New York: Charles Scribner's Sons, 1996.
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Chapter
| Governments, Industries and Markets: Aspects of Government-Industry Relations in Great Britain, Japan, West Germany and the United States of America since 1945
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1990
Regulation and Competition in America, 1920s-80s
R. H.K. Vietor
Keywords: Competition;
United States;
Citation:
Vietor, R. H.K. "Regulation and Competition in America, 1920s-80s." In Governments, Industries and Markets: Aspects of Government-Industry Relations in Great Britain, Japan, West Germany and the United States of America since 1945, edited by M. Chick. Aldershot: Edward Elgar Publishing, 1990.
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Case
| HBS Case Collection
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June 2019
The Shale Revolution: America's Energy Independence?
Richard H.K. Vietor and Howaida Kamel
The shale revolution has upended oil and gas markets for nearly a decade and has positioned the U.S. to become a net energy exporter by 2020. Technological improvements pushed productivity forward which has had positive overall positive affects for the U.S. economy. However international market prices for both LNG and crude oil have been falling as a result of increased supply, external shocks and OPEC policies. Moreover, the ability of U.S. shale companies to maintain high levels of production was questioned by their financial health. The way in which the Trump administration would administer U.S. energy policy in the next few years would significantly impact the future of the industry.
Keywords: shale oil;
shale gas;
LNG;
energy policy;
drilling technology;
Energy;
Trade;
Economics;
Macroeconomics;
Policy;
Energy Industry;
Manufacturing Industry;
United States;
Middle East;
Citation:
Vietor, Richard H.K., and Howaida Kamel. "The Shale Revolution: America's Energy Independence?" Harvard Business School Case 719-076, June 2019.
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Case
| HBS Case Collection
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February 2019
Mexico: Shifting Left with AMLO
Richard H.K. Vietor
Andres Manuel Lopez Obrador became president of Mexico on December 1, 2018. His election, and the victory of his new Party, MORENA, represent a sharp shift to the left by Mexico’s political system. Previously, President Pena Nieto and his party, the PRI, had initiated and implemented the Pacto – a long overdue series of institutional and structural reforms. Yet even after several years, Mexico had not shown significant improvements in productivity, or growth. With U.S. relations at a low point, thanks to President Trump’s neo-isolationism, Mexico elected Obrador as a nationalistic response. It remained to be seen how his new policies would affect Mexico’s growth.
Keywords: political economy;
Pacto;
institutional reform;
nationalism;
energy reform;
Government and Politics;
Governing Rules, Regulations, and Reforms;
Economic Growth;
International Relations;
Mexico;
Citation:
Vietor, Richard H.K. "Mexico: Shifting Left with AMLO." Harvard Business School Case 719-051, February 2019.
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Case
| HBS Case Collection
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August 2018
Israel—An Energy Leviathan?
Richard H.K. Vietor
In the last decade, Noble Energy and the Delek Group have discovered almost 40 trillion cubic feet of natural gas offshore of Israel. For Israel, this has been an extraordinary turnaround, from energy dependence on Arab producers to energy independence and exporter. For Prime Minister Netanyahu, this abundance poses a huge foreign-policy opportunity to lock in national relationships. For Noble, it poses significant operational challenges, funding issues, and long-term political risk.
Keywords: Natural Gas;
energy;
Energy Sources;
Opportunities;
Problems and Challenges;
Energy Industry;
Israel;
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Case
| HBS Case Collection
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June 2018
Japan: Deficits, Deflation and Debt
Richard H.K. Vietor and Haviland Sheldahl-Thomason
In April 2018, Prime Minister Shinzo Abe was again in Washington to petition Donald Trump. After years of rapid, export-led growth, Japan had slumped into recession in 1991 and never really recovered. For the past 27 years, its economy has grown at 1.1% annually, plagued by deflation. After several attempts at quantitative easing, Abe had commenced a radical program in 2012 called Quantitative and Qualitative Easing—the first of “three arrows” to repair the Japanese economy. But in early 2018, inflation was still far below the 2% goal, growth had turned negative, and Abe faced the highest debt among the OECD. Together with demographic, energy, and security problems, Abe had his hands full, while President Trump roiled the waters in China and North Korea.
Keywords: deflation;
debt;
country analysis;
monetary expansion;
population growth;
Inflation and Deflation;
Borrowing and Debt;
Economy;
Energy;
National Security;
Japan;
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Case
| HBS Case Collection
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January 2018
(Revised March 2018)
Portugal: Can Socialism Survive?
Richard H.K. Vietor and Haviland Sheldahl-Thomason
Portugal was not ready to join the European Monetary Union in 1999. With strong unions, weak competitiveness, and a legacy of socialism, it could not compete with north-European countries. After borrowing extensively to fund deficits, Portugal went into debt crisis in 2011 and had to borrow from the Troika. As banks failed, structural adjustment followed. Today several structural issues and the threat of external risks continue to cast a shadow on its otherwise remarkable recovery.
Keywords: Economy;
Financial Crisis;
Economic Systems;
Portugal;
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Case
| HBS Case Collection
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January 2018
(Revised January 2018)
Saudi Arabia: Vision 2030
Richard H.K. Vietor and Haviland Sheldahl-Thomason
Saudi Arabia’s King Salman faces several challenges, both domestic and foreign. Domestically, he needs to build the country’s economy to accommodate a "youth bulge" while balancing between liberals and conservatives. And he needs to diversify the economy away from its reliance on oil. Internationally, he must cope with the Arab Spring, with war in Syria and Yemen, as well as the threats from Iran and ISIS and continuing friction between Palestinians and Israelis. The key to these issues is Vision 2030—the plan his son, the Crown Prince, has introduced and begun implementing.
Keywords: Strategic Planning;
Economy;
Demographics;
Diversification;
Government and Politics;
International Relations;
Saudi Arabia;
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Case
| HBS Case Collection
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March 2017
(Revised August 2018)
Mexico: 'A Mosaic of Different Realities'
Richard H.K. Vietor and Haviland Sheldahl-Thomason
A day after his inauguration as President of Mexico in 2012, Enrique Peña Nieto announced a Pact for Mexico—a slate of institutional reforms for education, energy, fiscal policy, telecommunications, banking, and antitrust. These initiatives, enacted over the next several years, were designed to alleviate a host of historic problems that had held back Mexico’s economic development. By 2017, although the President’s popularity was at an all-time low, these initiatives were beginning to affect the economy. The salient questions were (1) whether they would really work and (2) whether the political order would shift radically to the left in 2018.
Keywords: Business and Government Relations;
Governing Rules, Regulations, and Reforms;
Development Economics;
Economy;
Government and Politics;
Mexico;
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Case
| HBS Case Collection
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January 2017
(Revised August 2017)
Mexico's Energy Reform
Richard H.K. Vietor and Haviland Sheldahl-Thomason
Energy—both petroleum and electricity—had been terribly managed for decades in Mexico. The two national monopolies—PEMEX and CFE—were inefficient, overstaffed, corrupt, rife with subsidies, and losing money. Finally, in 2012, President Enrique Peña Nieto announced his intent to drastically reform both. Over the next two years, the Mexican constitution was amended, and a dozen implementing laws were passed to break up the CFE, reorganize PEMEX, and impose competition between the pieces. By 2017, tracts of offshore oil were auctioned, renewable contracts were auctioned, and new regulators were trying to impose competition downstream in electricity.
Keywords: Energy;
Governing Rules, Regulations, and Reforms;
Performance Improvement;
Energy Industry;
Mexico;
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Case
| HBS Case Collection
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March 2016
(Revised March 2019)
South Africa: A Fractured Rainbow?
Richard H.K. Vietor and Haviland Sheldahl-Thomason
Twenty years after the end of Apartheid, South Africa's democracy persists, albeit with problems. A tripartite coalition—the African National Congress, the labor unions, and the Communist Party—still controls the political system but with diminishing economic results and authority. Since 2010, the economy has grown at 1.4% annually, with unemployment at 25%. Several national plans have been initiated but none with success. Most recently, the National Development Plan is the Zuma administration's approach. And then, at the end of 2015, cronyism sunk the stock market and the currency, causing a political crisis. Pravin Gordhan, an experienced bureaucrat, is once again Finance Minister but faces the tradeoff between growth and debt reduction. With the recent resignation of Zuma and the instatement of former deputy president and wealthy businessman Cyril Ramaphosa as President, it was still to be determined if a change in leadership would be enough to improve the country's economic and social situation.
Keywords: labor;
politics;
Development;
productivity;
Performance Productivity;
Labor Unions;
Infrastructure;
Government and Politics;
Economic Growth;
South Africa;
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Case
| HBS Case Collection
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February 2016
(Revised March 2019)
Suncor and the Future of Oil Sands
Richard H.K. Vietor
Suncor, Canada's largest producer of "oil sands," faces a host of issues involving prices, costs, and the environment. The Government of Canada recently put an explicit limit on carbon emissions from oil sands and a price on carbon. Suncor, which produces more than 400,000 barrels per day of bitumen and synthetic oil must reduce its emissions at the same time that crude oil prices have been dropping. Reduction of cash operating costs, therefore, becomes key. Yet environmental organizations in the U.S. remain adamantly opposed to the production of oil sands and its movement into the U.S. by either pipeline (e.g., Keystone XL) or railcar. The concrescence of these issues poses immense challenges to Suncor management.
Keywords: Oil Sands;
Energy;
Price;
Operations;
Cost;
Energy Industry;
Canada;
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Case
| HBS Case Collection
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October 2015
(Revised September 2016)
Peru: Economic Miracle or Just a Mirage?
Richard H.K. Vietor, Fernando A. D'Alessio and Ricardo M. Pino
After years of rapid growth, Peru's economy had recently slowed. Mineral prices were down and the current President, Humala, had only a year remaining in office before the next election. And he could not run again. While the country had many strengths, especially in minerals, natural resources and tourism, infrastructural problems, corruption, drugs, and inequality continued to plague its growth.
The next election would help determine Peru's future growth.
Keywords: country;
economic growth;
resources;
internal security;
politics;
Natural Environment;
Metals and Minerals;
Country;
Political Elections;
Social Issues;
Economic Growth;
Tourism Industry;
Peru;
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Case
| HBS Case Collection
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April 2014
(Revised February 2015)
Saudi Arabia: Finding Stability after the Arab Spring
Richard H.K. Vietor and Hilary White
In 2015, King Salman of Saudi Arabia was juggling several balls as the kingdom's new monarch. At home, there were pressures for liberalization, from women and youth, and pressures for more conservative religious observance and policy from the Muslim "ulema." His domestic economic policy, which entailed diversification, infrastructure construction, education and a move towards a "knowledge economy," remained difficult to implement because of oil's immense role in the GDP, trade, and the budget. Internationally, Saudi Arabia's Middle East region was a mess; troubles as always with Israel and Palestine, but also with Syria, Egypt, Iraq, and Iran. In all of this, a central question loomed: could Saudi Arabia modernize without westernizing?
Keywords: Economy;
Policy;
Balance and Stability;
Change;
Saudi Arabia;
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Case
| HBS Case Collection
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October 2013
Japan: Abe's Three Arrows?
Richard H.K. Vietor
After the Koizumi government ended in 2006, Japan continued to struggle with slow growth, deflation and, in 2011, a tsunami and nuclear disaster. Following a series of several more unsuccessful prime ministers, Shinzo Abe again became the prime minister in 2012 and announced a new strategy of "three arrows," rapid quantitative easing, fiscal stimulus and structural reform. It remains to be seen if these policies can be implemented and, moreover, if they will work.
Keywords: economic development;
quantitative easing;
stagnation;
national strategy;
Development Economics;
Economic Slowdown and Stagnation;
Strategy;
Japan;
Citation:
Vietor, Richard H.K. "Japan: Abe's Three Arrows?" Harvard Business School Case 714-017, October 2013.
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Case
| HBS Case Collection
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June 2013
(Revised June 2014)
Valero Energy Corporation and Tight Oil
Richard H.K. Vietor, Eric Adamson, Aaron Byrd, Ned Chiverton, Mariko Meier and Rob Rain
Valero Energy, an incredibly successful US refiner, needs to make some decisions about tight oil. As production of light tight oil increases—from Eagle Ford, Bakken and elsewhere—Valero considers whether to add topping capacity to handle it, on top of its recent investments for heavy oil. Political decisions, however, are pending on Keystone XL, on crude oil exports, and on LNG exports. Prices, therefore, are up in the air, especially as global capacity increases. Petrochemical companies and oil producers have conflicting views on the appropriate policy. Bill Klesse, the CEO, can either sit back and wait, or move to capture greater market share.
Keywords: petroleum;
oil ＆ gas;
energy;
environment;
refining;
globalization;
tight oil;
strategy;
Natural Environment;
Demand and Consumers;
Supply and Industry;
Policy;
Energy Sources;
Energy Industry;
United States;
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Case
| HBS Case Collection
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August 2012
(Revised June 2017)
Australia: Commodities and Competitiveness
Laura Alfaro, Richard H.K. Vietor, Bill Russell, Hilary White and Haviland Sheldahl-Thomason
For the past few decades, Australia has dealt with the benefits and costs of repeated mining booms—inflation, a housing bubble, a current account deficit and growing dependence on China. Between 1996 and 2007, however, Australia had most of these issues under control and grew at impressive rates, becoming one of the richest of developed countries. Yet competitiveness in its non-mining sectors declined. Since the financial crisis, additional challenges associated with climate change, minerals taxes, migration, fiscal deficits and currency fluctuations have complicated the issues facing both Labor and Liberal administrations, with a very thin majority. Meanwhile, Australia's non-mineral competitiveness continues to recede.
Keywords: commodities;
competitiveness;
carbon tax;
environment;
capital flows;
current account;
mining;
Economy;
Problems and Challenges;
Australia;
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Case
| HBS Case Collection
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August 2012
(Revised November 2017)
Turkey—A Work in Progress?
Richard H.K. Vietor
For the past 10 years, Turkey has grown its real GDP at about 6% annually. This came after a huge debt crisis in 2001-02, wherein Turkey had to borrow $16 billion more from the IMF and comport with its difficult conditionality. Today, Turkey is a middle-income country, in search of an effective development strategy. It tends to run high inflation with a devalued currency, despite massive capital inflows and a huge current account deficit. At home, the government has carefully managed between Islamicization, democracy and secularism. And abroad, it deals with a difficult neighborhood—Syria, Iran, Iraq, Israel (not to mention Russia, Europe and the USA). Prime Minister Erdogan is trying to rewrite the Constitution before 2014 when the next election occurs.
Keywords: Turkey;
Economy;
Macroeconomics;
International Relations;
Growth and Development Strategy;
Turkey;
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Case
| HBS Case Collection
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April 2011
(Revised May 2013)
South Africa (A): Stuck in the Middle?
Richard H. K. Vietor and Diego Comin
Fifteen years after ending apartheid, formal unemployment in South Africa was still at 24%. While the country had grown at 4 to 5% annually during the 2000s, the financial crisis set it back by 1 million more unemployed. Moreover, it seemed as if the nation were stuck between low wage and fully developed competitors. The government of Jacob Zuma has just adopted a "New Growth Path," hoping to create several million jobs over the next few years. Both the Finance Minister and the head of the Central Bank support the initiative, but worry how they can sustain fiscal discipline and control inflation, in light of these stimulative policies. Organized labor, meanwhile, has little sympathy for any sort of sacrifice.
Keywords: Financial Crisis;
Inflation and Deflation;
Policy;
Employment;
Wages;
Competition;
South Africa;
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Case
| HBS Case Collection
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January 2012
(Revised April 2015)
India 2014: The Challenges of Governance
Lakshmi Iyer and Richard H. K. Vietor
In January 2012, the government of India faced significant challenges to achieving three key objectives of high growth, inclusive development, and improved governance. The economy was experiencing a growth slowdown, persistently high inflation, and infrastructure and energy deficits. Policy reforms were hampered by several recent corruption scandals, widespread citizen protests against corruption, and disagreements with coalition partners. Could India make the right decisions needed to lift hundreds of millions of citizens out of poverty?
Keywords: Governance;
Government and Politics;
Problems and Challenges;
Economic Growth;
India;
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Case
| HBS Case Collection
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July 2010
(Revised March 2012)
China 'Unbalanced'
Diego A. Comin and Richard H.K. Vietor
In 2010, Wen Jiabao looked back at the financial crisis with some satisfaction. Using aggressive fiscal and monetary policy, China had weathered the crisis successfully, growing 8.7% annually in 2010. Most of the unemployed workers had returned to work, often demonstrating for higher wages or better working conditions. Wen, however, was really focused on his new development strategy—shifting away from export-led growth to ease domestic and international pressures. But many institutional challenges seemed to hamper domestic demand, and Wen was particularly concerned with pressures from America, on China's policies for trade, exchange rates, energy and investment.
Keywords: Economic Growth;
Financial Crisis;
Trade;
Currency Exchange Rate;
Investment;
Local Range;
Growth and Development Strategy;
Demand and Consumers;
China;
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Case
| HBS Case Collection
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September 2011
(Revised February 2014)
Duke Energy and the Nuclear Renaissance
Richard H.K. Vietor and Forest L. Reinhardt
Duke Energy, an American investor-owned electric utility, confronts multibillion dollar decisions about its future fuel mix. In particular, its leaders are considering building new nuclear capacity. Whether this is sensible depends, among other things, on demand growth, capital costs, fossil fuel prices, possible regulatory or other delays in constructing the reactors, and possible future restrictions on carbon dioxide. CEO Jim Rogers believes that nuclear power makes sense from a social standpoint but also must consider the perspectives of his ratepayers and his shareholders.
Keywords: Cost vs Benefits;
Expansion;
Policy;
Business Strategy;
Energy Sources;
Utilities Industry;
Energy Industry;
United States;
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Case
| HBS Case Collection
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February 2011
(Revised July 2013)
A123 Systems: Power. Safety. Life.
Richard H.K. Vietor
A123 Systems, the largest manufacturer of lithium ion batteries in North America, is producing and selling batteries for electric vehicles in China and electric buses in Europe and America. It just opened two plants in Michigan, partially funded by a grant from America's stimulus fund. At the same time, the company is expanding its business in large, grid stabilization systems, in California, Chile and New York. The simultaneous pressures of these two businesses, plus dozens of potential deals pending, are testing the company's management skills, cash reserves and abilities to execute.
Keywords: Business or Company Management;
Diversification;
Machinery and Machining;
Renewable Energy;
Transportation;
Management Skills;
Corporate Finance;
Auto Industry;
Battery Industry;
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Case
| HBS Case Collection
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April 2010
(Revised May 2013)
Mexico: Crisis and Competitiveness
Aldo Musacchio, Richard H.K. Vietor and Regina Garcia-Cuellar
In 2010, the bicentennial anniversary of Mexico's revolution against Spain, President Felipe Calderon hoped he could orchestrate several crucial reforms that Mexico needed. Mexico had not grown much over the course of the last decade, losing competitiveness to China and other Asian countries. Several of its institutions, including labor, education, healthcare, energy, and antitrust seemed uncompetitive. But with a weaker peso and greater governmental attention to infrastructure, Calderon hoped that Mexico's higher-tech exports could recapture U.S. market share and make headway in Europe and Latin America.
Keywords: Economic Growth;
Trade;
Governing Rules, Regulations, and Reforms;
Competitive Strategy;
Competitive Advantage;
Mexico;
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Supplement
| HBS Case Collection
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April 2011
(Revised December 2012)
South Africa (B): Getting Unstuck?
Richard H. K. Vietor and Diego Comin
15 years after ending apartheid, formal unemployment in South Africa was still at 24%. While the country had grown at 4 to 5% annually during the 2000s, the financial crisis set it back by 1 million more unemployed. Moreover, it seemed as if the nation were stuck between low wage and fully developed competitors. The government of Jacob Zuma has just adopted a "New Growth Path," hoping to create several million jobs over the next few years. Both the Finance Minister and the head of the Central Bank support the initiative, but worry how they can sustain fiscal discipline and control inflation, in light of these stimulative policies. Organized labor, meanwhile, has little sympathy for any sort of sacrifice.
Keywords: Financial Crisis;
Inflation and Deflation;
Policy;
Employment;
Wages;
Competition;
South Africa;
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Case
| HBS Case Collection
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January 2010
(Revised October 2010)
Colombia: Strong Fundamentals, Global Risk
Aldo Musacchio, Richard H. K. Vietor, Jonathan Schlefer and Carolina Camacho
By mid-2009 Colombian President Alvaro Uribe had ended decades of virtual civil war and strengthened the business climate, but he faced tough economic challenges. Though he had instituted prominent market reforms and brought inflation down sharply, Colombia seemed stuck in a middle ground, industrially behind Brazil or Chile but ahead of poorer Latin American countries. Traditional exports—coal, coffee, oil—still comprised more than half the total, while manufactured exports comprised only a fifth. Public investment in transport and other infrastructure—a perpetual obstacle to growth in mountainous Colombia—remained too low. A major ambition of Uribe or his possible like-minded successor was to secure U.S. Congressional approval of a free trade agreement signed in 2006. But would it really help Colombia diversify its economy? Colombia already had access to the U.S. market but still had a relatively closed economy compared with neighbors such as Mexico or Chile.
Keywords: Developing Countries and Economies;
Economic Growth;
Macroeconomics;
Trade;
Global Strategy;
Infrastructure;
Business and Government Relations;
Colombia;
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Case
| HBS Case Collection
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October 2010
(Revised July 2013)
AEP: Carbon Capture and Storage
Richard H.K. Vietor
By October 2010, American Electric Power, the largest coal-fired, electric utility in the United States, had been operating a carbon capture and sequestration pilot plant for one year. Using a proprietary, Alstom chilled ammonia technology, AEP was capturing and sequestering 90% of the carbon dioxide in a small waste stream at its Mountaineer plant in West Virginia. As part of its larger carbon reduction strategy, AEP was launching construction of a $680 million demonstration plan, partially funded with DOE money. Mike Morris, AEP's chairman, was frustrated though, that Congress had not passed a cap-and-trade bill, and was worried how he would recover AEP's share of this huge investment. Could he find partners in this cutting-edge demonstration, or at least, add it to his utility rate base?
Keywords: Energy Generation;
Government Legislation;
Technological Innovation;
Partners and Partnerships;
Projects;
Decision Choices and Conditions;
Environmental Sustainability;
Problems and Challenges;
Utilities Industry;
United States;
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Case
| HBS Case Collection
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November 2006
(Revised August 2009)
Malaysia: Halfway to 2020
Richard H.K. Vietor
This country case on Malaysia extends forward by seven years the case “Malaysia: Capital and Control” (702-040). It is based on Malaysia's ninth plan, which took effect in 2006. The ninth plan proposed five thrusts—moving the economy to higher value-added goods and services, raising the capacity for knowledge, addressing socioeconomic inequalities, improving the quality of life, and strengthening institutions and the civil service—to achieve 6% growth annually. All of this is to achieve "Vision 2020," a long-range plan for becoming developed. Considers the difficulties Malaysia faces, stuck between China and India on the low (value-added) side, and Korea, Taiwan, and Singapore on the high (value-added) end.
Keywords: Developing Countries and Economies;
Growth and Development Strategy;
Strategic Planning;
Welfare or Wellbeing;
Equality and Inequality;
Malaysia;
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Case
| HBS Case Collection
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September 2007
(Revised November 2008)
Sinopec: Refining its Strategy
Richard H.K. Vietor and Julia Galef
China's oil industry, with majority ownership vested in the government, had engaged in an "equity oil" strategy for the past few years-acquiring equity interests in oil producing nations including Sudan, Angola, and Iran. Outside critics, however, suggested that the Chinese companies could buy oil in the highly fungible global marketplace. But Sinopec, the nation's largest refiner, was one of the three companies (together with PetroChina and CNOOC) engaged in the equity oil play. With China's energy demands swelling-especially petroleum of which it had limited reserves-Sinopec was struggling to increase output rapidly enough to keep pace with the rapid growth of their automobile sector. And it had to make money soon.
Keywords: Non-Renewable Energy;
Equity;
Foreign Direct Investment;
Growth and Development Strategy;
Demand and Consumers;
State Ownership;
Energy Industry;
China;
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September 2006
(Revised November 2008)
Supergrid
Richard H.K. Vietor
Supergrid is a mammoth wind-power development scheme for Europe, recently proposed by Airtricity. This firm, founded in 1997, is a fast-growing power-development company focused on wind. Already having built about 600 megawatts of wind turbines in Scotland and Ireland, Airtricity has now expanded to the United States. But its "Supergrid" proposal, to build offshore wind turbines with capacity of 30,000 megawatts of power, would change the face of European energy networks, use new technology, and help several European countries meet their Kyoto targets for reducing CO2. The issues are whether a small company like Airtricity has the human and capital resources to pull this off, and whether the U.K., Germany, the Netherlands, and the EU can be made to cooperate on such a project.
Keywords: Energy Generation;
Renewable Energy;
Entrepreneurship;
Performance Capacity;
Business and Government Relations;
Environmental Sustainability;
Energy Industry;
Europe;
United States;
Citation:
Vietor, Richard H.K. "Supergrid." Harvard Business School Case 707-016, September 2006. (Revised November 2008.)
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June 2008
(Revised August 2008)
The Suzlon Edge
Richard H.K. Vietor and Juliana Seminerio
With prices of oil, coal and gas at historically high levels, the wind industry had installed more than 20,000 MW of wind energy, representing a $37 billion investment in 2007. Besides high prices, wind energy represented a solution for consumers seeking an energy source that would not add to the problems associated with global climate change. Suzlon Energy Limited (Suzlon), India's largest manufacturer of wind turbines, had evolved from a small family-run business into a global enterprise spanning four continents in just over a decade. But would the costs associated with the aggressive growth policy be too much for a young company to handle?
Keywords: Family Business;
Cost vs Benefits;
Renewable Energy;
Globalized Firms and Management;
Growth and Development Strategy;
Integration;
Weather and Climate Change;
Environmental Sustainability;
Energy Industry;
India;
Citation:
Vietor, Richard H.K., and Juliana Seminerio. "The Suzlon Edge." Harvard Business School Case 708-051, June 2008. (Revised August 2008.)
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March 2002
(Revised March 2008)
Saudi Arabia: Getting the House in Order
Richard H.K. Vietor and Rebecca Evans
Provides a vehicle to explore Islamic development and political issues within BGIE (business, government, and international economy). Set in early 2002, the case focuses on Crown Prince Abdullah's efforts to liberalize a failing rentier state, that had been dependent on petroleum for too long. His efforts to liberalize, however, come at a politically and socially sensitive time--just after September 11, 2001, and in the midst of the Palestinian intifada. In a desperate effort to maintain oil prices, OPEC has recently reduced output by 1.5 million barrels daily, with Saudi Arabia bearing the largest cut.
Keywords: Disruption;
Development Economics;
Non-Renewable Energy;
Governing Rules, Regulations, and Reforms;
International Relations;
Leading Change;
Saudi Arabia;
Middle East;
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June 2003
(Revised March 2008)
India on the Move
Richard H.K. Vietor and Emily Thompson
By 2003, India had been growing at almost 6% annually since 1992, after it suffered a financial collapse, abandoned import substitution, and moved gradually to adopt the Washington Consensus. Now, financial controls and competition barriers are less burdensome, inflation is lower, and the current account is balanced. However, the finance minister faces difficulties with massive fiscal deficits and continuing disturbances with Pakistan that seem to deter foreign direct investment (FDI). The question facing him is whether India can reduce these deficits (in the face of a 2004 election) or whether to let them slide, hoping that India's entrepreneurs and high-tech southern states will carry the day.
Keywords: Developing Countries and Economies;
Economic Growth;
Entrepreneurship;
Foreign Direct Investment;
Business and Government Relations;
India;
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February 2003
(Revised February 2008)
Singapore Inc.
Richard H.K. Vietor and Emily Thompson
In early 2003, Prime Minister Goh Chok Tong is assessing Singapore's development strategy--tax cutting combined with an industrial policy focused on six "clusters," including biomedical sciences. After 36 years of stupendous growth, Singapore has slowed down and faces intense competition in exports and foreign direct investment, especially from China. Is its new strategy the right choice? This case examines several key aspects of Singapore's growth, including organizational/cultural arrangements, the savings/investment balance, and total factor productivity growth.
Keywords: Development Economics;
Economic Growth;
Growth and Development Strategy;
Industry Clusters;
Business and Government Relations;
Competition;
China;
Singapore;
Citation:
Vietor, Richard H.K., and Emily Thompson. "Singapore Inc." Harvard Business School Case 703-040, February 2003. (Revised February 2008.)
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June 2007
(Revised November 2007)
Italy: If not now, when?
Richard H.K. Vietor and Julia Galef
Describes Italy's main macroeconomic problems: low productivity growth, stagnant GDP growth, and high public debt. As of early 2007, the country's global competitiveness has plummeted and its debt remains well above the level allowed by the EU's Maastricht treaty. Historical and structural reasons for the current situation are explored, and Italy's possible strategies are discussed in the context of the country's challenging political climate. A replacement of an earlier case done in 2003.
Keywords: Economic Slowdown and Stagnation;
Macroeconomics;
Borrowing and Debt;
International Relations;
Competition;
Italy;
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April 2005
(Revised February 2007)
American Outsourcing
Richard H.K. Vietor and Alexander Veytsman
Covers the phenomenon of outsourcing jobs from the United States. Reviews the evolution of Mexico's Maquiladoras, manufacturing special economic areas in China, and information technology and service-sourcing in India. Also reviews exports/imports, exchange rates, wages, and jobs. Considers major outsourcer General Electric's moves to these countries and its plans. Compares Mexico and China, and India and China, asking what the United States and GE should be doing.
Keywords: Job Cuts and Outsourcing;
Employment;
Emerging Markets;
Wages;
Trade;
United States;
Mexico;
China;
India;
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July 2005
(Revised December 2006)
Japan: Deficits, Demography, and Deflation
Richard H.K. Vietor
By 2005, Japan's debt had risen to 163% of GDP. For more than a decade, the government had run huge deficits, trying unsuccessfully to stimulate economic growth. Interest rates, meanwhile, had been zero for years. But with slow growth and banks in crisis, nothing had worked very well until some recovery in 2004. Now, the government is trying to repair its fiscal damage in the face of continuing slow growth and huge pension and health care obligations to a population that is aging fast. Hezio Takenaka, the minister for economy and postal privatization, faces a imposing agenda—to restart the economy while lowering the deficits and reforming social security. For a supplement to this material, please see "Japan: Abe's Three Arrows?" (714-017).
Keywords: Economy;
Economic Growth;
Demographics;
Financial Condition;
Inflation and Deflation;
Banks and Banking;
Borrowing and Debt;
Macroeconomics;
Policy;
Government and Politics;
Welfare or Wellbeing;
Health Care and Treatment;
Japan;
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May 2002
(Revised August 2006)
Yangcheng: AES in China
Richard H.K. Vietor
AES, an American electric power company with 141 plants worldwide, is just completing construction of a 2,100-MW plant in China--the largest ever. The project, a joint venture with five local companies, has several environmental, ownership, and operational issues as construction is completed. The decision point is whether AES should explore issues of foreign direct investment as they pertain to the environment. Do U.S. MNCs run operations abroad at the same level of environmental efficacy as in their home country? If not, why not? And what are the local barriers and competitive reasons for not doing so?
Keywords: Energy Generation;
Joint Ventures;
Foreign Direct Investment;
Environmental Sustainability;
Problems and Challenges;
Energy Industry;
China;
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May 2004
(Revised November 2005)
Turkey: Securing Stability in a Rough Neighborhood
Richard H.K. Vietor and Emily Thompson
After suffering years of volatility and crises, Turkey desperately sought macroeconomic and political stability in an ever-worsening region of the world. In the short term, Turkey had to repay its debt, which amounted to more than 80% of GDP. By January 2004, Turkey had entered the final stages of the IMF's latest $17 billion loan program. Each review required that Turkey meet specific goals of monetary control (e.g., reducing inflation), restructuring the banking sector, reforming the public sector, and increasing privatization. The country's long-term goal, joining the European Union, would be reached only if the EU's required criteria were met. Elected in November 2002 and the first absolute majority in Parliament in 15 years, the AKP party promised to meet both IMF and EU requirements. Although his AKP party had Islamic roots, Prime Minister Erdogan planned to prove that Turkey was a stable, secular democracy. After Turkey met the EU's requirements, the question remained: Would the EU's "Christian club" accept a Muslim Turkey?
Keywords: Public Sector;
Inflation and Deflation;
Macroeconomics;
Borrowing and Debt;
Banks and Banking;
International Finance;
Privatization;
Religion;
Turkey;
European Union;
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July 2001
(Revised June 2005)
Japan: Beyond the Bubble
Richard H.K. Vietor and Rebecca Evans
By the summer of 2001, Japan's economy had been generally stagnant for nearly 10 years--since the collapse of the bubble economy in 1990-91. The development strategy that drove the nation during earlier decades was fulfilled, and by 1989 Japan's GDP per capita exceeded that of the United States. Facing another downturn, Prime Minister Koizumi seemed ready politically to undertake real change. A rewritten version of an earlier case.
Keywords: History;
Strategy;
Development Economics;
Economic Slowdown and Stagnation;
Macroeconomics;
Japan;
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August 1997
(Revised September 2004)
South Africa: Getting in GEAR
Richard H.K. Vietor
In 1997, Thabo Mbeki is contemplating South Africa's performance since the end of Apartheid in 1994. The economy has done fairly well, but the government's macroeconomic strategy calls for higher growth and employment creation. The case describes the country's history, especially Apartheid, and various social problems that persist: unemployment, inadequate infrastructure, AIDS, crime, and education. Tries to understand the interaction between these problems and the macroeconomic strategy, and considers whether another approach is necessary.
Keywords: History;
Strategy;
Development Economics;
Social Issues;
Macroeconomics;
South Africa;
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May 2001
(Revised December 2003)
Mexico: The Unfinished Agenda
Richard H.K. Vietor and Rebecca Evans
President Vincente Fox takes over in Mexico on December 1, 2000--a political revolution ending 71 years of PRI rule. In the past five years, Mexico has solved a number of macroeconomic problems and had a good run of economic growth. But a host of microeconomic problems have been largely ignored for years--poverty, income distribution, education, labor reform, energy and the environment, crime, and drugs. The Fox administration is trying to lay out plans for mitigating all of these problems at once--a very ambitious strategy. Do they have the problems right, and will it work?
Keywords: Economic Growth;
Macroeconomics;
Microeconomics;
Policy;
Government and Politics;
Strategic Planning;
Problems and Challenges;
Mexico;
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Teaching Note
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July 2001
(Revised June 2003)
Japan: Beyond the Bubble TN
Richard H.K. Vietor
Teaching Note for (9-702-004).
Keywords: Japan;
Citation:
Vietor, Richard H.K. "Japan: Beyond the Bubble TN." Harvard Business School Teaching Note 702-003, July 2001. (Revised June 2003.)
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February 1993
(Revised March 2003)
India (A)
Richard H.K. Vietor, Waleed J. Iskandar and Max L. Weston
Outlines India's import substitution strategy and its planned development process. The effects of the difficult political and social context on economic development are analyzed. The failure of the system to achieve sustainable growth and improvement leads to attempts at reforms which, along with worsening political and ethnic conflicts, lead to a crisis in 1991.
Keywords: Strategy;
Ethnicity;
Development Economics;
Trade;
Economic Growth;
Policy;
Government and Politics;
India;
Citation:
Vietor, Richard H.K., Waleed J. Iskandar, and Max L. Weston. "India (A)." Harvard Business School Case 793-112, February 1993. (Revised March 2003.)
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March 1996
(Revised January 2002)
Freeport Indonesia
Richard H.K. Vietor
In 1996, PT Freeport Indonesia, the mining subsidiary of Freeport McMoRan, had just completed an expansion of its copper and gold mine in the western half of New Guinea. The mine, which had dealt with numerous environmental and sociocultural problems over the past couple of years, had recently proposed concrete plans for dealing with problems of acid drainage and spoils deposition. Now, although under widespread criticism and attack, the company is undergoing environmental and social audits and is again contemplating a major expansion.
Keywords: Trade;
Mining;
Environmental Sustainability;
Business Strategy;
Expansion;
Social Issues;
Mining Industry;
Indonesia;
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August 1998
(Revised January 2000)
Mexico in Debt TN
Richard H.K. Vietor
Teaching Note for (9-797-110) and (9-700-051).
Keywords: Mexico;
Citation:
Vietor, Richard H.K. "Mexico in Debt TN." Harvard Business School Teaching Note 799-009, August 1998. (Revised January 2000.)
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February 1996
(Revised November 1999)
Indonesia (A)
Richard H.K. Vietor, Louis T. Wells Jr., Neil Gelfand and Mark Hildebrand
Keywords: Indonesia;
Citation:
Vietor, Richard H.K., Louis T. Wells Jr., Neil Gelfand, and Mark Hildebrand. " Indonesia (A)." Harvard Business School Case 796-125, February 1996. (Revised November 1999.)
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May 1998
(Revised January 1999)
Japan: "Free, Fair, and Global?"
Richard H.K. Vietor and Stephen E. Lynagh
In April 1998, Prime Minister Hashimoto faced serious problems, both with his program of six systemic reforms and with his fiscal policy. Japan had been in effective recession for six years, unable to retain the miracle-growth achieved in earlier decades. Hashimoto has proposed to reform social security, fiscal policy, administration, regulation, education, and especially the financial system. But institutional rigidities--the bureaucracy, labor policies, corporate governance, and the aging population among others--has made change exceedingly difficult.
Keywords: Sovereign Finance;
Development Economics;
Social Issues;
Policy;
Economy;
Government Administration;
Financial Crisis;
Japan;
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January 1994
(Revised May 1995)
Xerox: Design for the Environment
Richard H.K. Vietor
In 1990, Xerox undertook an "Environmental Leadership Program" designed to make Xerox an industry leader in non-polluting operations, recycling, and products actually designed for the environment. This effort flowed naturally out of the system of total quality management developed at Xerox in the 1980s. Under the new program, Xerox planned to design its products for complete reuse, remanufacturing, and recycling. This effort entailed a complete redesign of the company's product-delivery system, from initial designs, to materials acquisition, to manufacturing, marketing, and after-sales service.
Keywords: Product Design;
Production;
Service Delivery;
Service Operations;
Organizational Design;
Environmental Sustainability;
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September 1993
(Revised April 1995)
Du Pont Freon Products Division (A) and (B) TN
Forest L. Reinhardt and Richard H.K. Vietor
Teaching Note for (9-389-111) and (9-389-112).
Citation:
Reinhardt, Forest L., and Richard H.K. Vietor. "Du Pont Freon Products Division (A) and (B) TN." Harvard Business School Teaching Note 794-046, September 1993. (Revised April 1995.)
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April 1994
(Revised March 1995)
China (C): Energy and the Environment
Richard H.K. Vietor
Describes energy and environmental policy in China during the period 1980-1993. China has implemented ambitious plans for electrification and the substitution of fossil fuels (mostly coal) for biomass. The environmental consequences of these changes, at the local and regional levels, have been pronounced; the long-term global consequences of Chinese energy development are also thought to be significant. Chinese environmental policy has been aimed largely at mitigating the worst local and regional impacts. Raises several questions: the degree to which energy shortages or environmental problems will constrain China's future growth; the degree to which environmental quality is an important objective of Chinese policy; and the possible roles that Western governments and firms might play in developing and implementing sound energy strategies for China. Teaching Objective: To analyze the effects of governmental energy policies on local air pollution and on global atmospheric problems, to think about problems of environment and development, and to analyze the relationships between host governments and foreign firms in the energy sector.
Keywords: Energy Generation;
Environmental Sustainability;
Policy;
Pollution and Pollutants;
Weather and Climate Change;
Business and Government Relations;
Globalization;
Energy Industry;
China;
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April 1994
(Revised January 1995)
StarKist (A)
Richard H.K. Vietor and Forest L. Reinhardt
Set in April 1990, this case focuses on H.J. Heinz and its subsidiary, StarKist, the largest producer of canned tuna in the United States. During the 1980s, the public became increasingly concerned about tuna fishing practices that killed dolphins. StarKist was the target of a consumer boycott initiated by the environmental community. Worried that bad publicity from the boycott would threaten the StarKist brand name, as well as Heinz's other branded products, senior management at Heinz decided that StarKist would become the first tuna processor to no longer purchase tuna caught by methods that killed dolphins. In making the decision, Heinz executives were not sure how StarKist's two major competitors would react, or how the decision would impact the procurement of raw tuna, StarKist's single largest expense item. Discusses the harvesting (fishing) and processing (canning) sector of the tuna industry. Also discusses the Marine Mammal Protection Act, and U.S. trade sanctions against Mexico and other countries.
Keywords: Business Subsidiaries;
Decision Choices and Conditions;
Laws and Statutes;
Management Teams;
Brands and Branding;
Environmental Sustainability;
Competition;
Mexico;
United States;
Citation:
Vietor, Richard H.K., and Forest L. Reinhardt. "StarKist (A)." Harvard Business School Case 794-128, April 1994. (Revised January 1995.)
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Supplement
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April 1994
(Revised January 1995)
StarKist (B)
Richard H.K. Vietor and Forest L. Reinhardt
Set in November 1993. Intended as a follow-up to the (A) case.
Keywords: United States;
Mexico;
Citation:
Vietor, Richard H.K., and Forest L. Reinhardt. "StarKist (B)." Harvard Business School Supplement 794-139, April 1994. (Revised January 1995.)
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Teaching Note
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January 1995
Note on Contingent Liabilities TN
Richard H.K. Vietor, Forest L. Reinhardt and Jackie Prince Roberts
Teaching Note for (9-794-098).
Citation:
Vietor, Richard H.K., Forest L. Reinhardt, and Jackie Prince Roberts. "Note on Contingent Liabilities TN." Harvard Business School Teaching Note 795-091, January 1995.
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Background Note
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February 1994
(Revised August 1994)
Note on Contingent Environmental Liabilities
Richard H.K. Vietor and Forest L. Reinhardt
Addresses contingent environmental liabilities that are the result of unforeseen environmental risks where the dollar amount of such liabilities is unknown and depends on future events. In contrast, fines for violating environmental laws are liabilities, but are not considered contingent liabilities as such fines are relatively predictable. Covers liabilities under common law doctrines (including toxic torts), the Resource Conservation and Recovery Act (RCA), and the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). In particular, discusses lender liability issues as of 1993 and briefly discusses financial reporting requirements. Concludes with a discussion of strategies for managing such liabilities.
Keywords: Legal Liability;
Risk Management;
Natural Environment;
Laws and Statutes;
Pollution and Pollutants;
Governance Compliance;
United States;
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October 1992
(Revised August 1994)
Allied-Signal: Managing the Hazardous Waste Liability Risk
Richard H.K. Vietor and Edward Prewitt
Allied-Signal, Inc., one of the world's oldest chemical companies and today a diversified conglomerate, is liable for clean-up costs of old hazardous waste sites. These costs are substantial: reserves grew to nearly $500 million in 1991. Attempting to avoid further set-asides, and anticipating U.S.-style liability laws in Europe, environmental managers undertake a review of the company's three-part environmental control policy. With extensive programs for disposal-site inspection, auditing for compliance, and hazardous waste reduction, the managers try to optimize costs and liabilities by balancing waste disposal and reduction. The case recounts the formation of the control policy in response to legislation such as RCTA, Superfund, and the Toxics Release Inventory. Examines in detail the implementation of the three hazardous waste programs, analyzing the experiences of two plants. Exhibits include internal control documentation.
Keywords: Wastes and Waste Processing;
Environmental Sustainability;
Programs;
Cost Management;
Policy;
Government Legislation;
Factories, Labs, and Plants;
Governance Compliance;
Legal Liability;
Chemical Industry;
United States;
Europe;
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Research Summary
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Research Summary
Macroeconomic management
by
Richard H.K. Vietor
Richard H. K. Vietor has been studying how national governments foster economic development and compete in a globalized economy. He has been researching these activities in ten countries, publishing the results first in 2007, in a book entitled How Countries Compete, and forthcoming in 2010, in Japanese, a shorter version on the world economy..
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Research Summary
Globalization of Wind Power
by
Richard H.K. Vietor
Professor Vietor has been working to develop teaching materials on energy - especially renewable energy. Towards this end, he has written cases on Cape Wind, Suzlon, Airtricity's Supergrid, and Sun Tech. He is currently expanding this research into coal, geothermal power and transportation.
Awards & Honors
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Received the 1981 Newcomen Award in Business History.
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Received the 1978 Harvard-Newcomen Postdoctoral Research Fellowship.
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Received the National Endowment for the Humanities Research Fellowship in 1977.
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