For many U.S. companies, China is the most promising growth opportunity in the business portfolio. The interest of managements and boards has been backed up with action, making China the preferred country for foreign direct investment in the last several years. Yet the experience also shows that...

The decline in the costs of communicating, coordinating, and collaborating across firms in the value chain has led to the emergence of new business models-virtually integrated companies, retail "bricks and clicks" organizations, and networks like AOL and eBay-that can be used by all kinds of...